Summer boost for Sunderland home owners
Home owners in Sunderland got an early summer boost in May as the value of their houses increased.
Average prices in the area rose by two per cent, according to Land Registry figures – contributing to the longer-term trend, which has seen property values achieve 8.7% annual growth.
The average Sunderland house price in May was £127,857 – with values rising by £10,000 over the last year.
The figures show owners of flats saw the biggest improvement in property prices in Sunderland in May – values increased by 2.6%, to an average of £80,997, a rise over the year of 7.4%.
Detached house values rose by 2.5% over the month – up 9.5% annually to an average of £237,045.
The value of a semi-detached increased by 1.5% in May – up 7.9% annually to an average of £131,203.
Terraced home values increased by 2% over the month, to an average of £104,612 – up 9.4% annually.
First-time buyers in Sunderland spent an average of £111,400 on their property – £8,800 more than a year ago, and £13,500 more than in May 2016.
Buyers paid 10.7% less than the average price in the North East (£143,000) in May for a property in Sunderland.
Across the region, average property prices are low compared to those across the UK, where the average cost is now £255,000.
The most expensive properties in the North East were in North Tyneside – £177,000 on average.
The highest property prices in the UK were in Kensington and Chelsea, where the average May sale price was £1.2m.