Summer boost for Sunderland home owners

Home owners in Sunderland got an early summer boost in May as the value of their houses increased.

Wednesday, 14th July 2021, 1:33 pm
House prices rise

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%.

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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.