House prices on the rise in Sunderland

According to the latest figures from the Land Registry house prices increased by 1.8%% in Sunderland in October.

The increase contributes to the longer-term trend, which has seen property prices in the area achieve annual growth of 1.9%.

That means the average price of a house in Sunderland in October was £118,457, – a 1.8% increase on September.

Over the month, the picture was better than that across the North East, where prices decreased by 0.3%, and Sunderland also outperformed the 0.7% rise for the country as a whole.

Over the last year, the average sale price of property in the area rose by £2,200 – putting the city eighth among the North East’s 13 local authorities for annual growth.

The best annual growth in the region was in Northumberland, where property prices increased on average by 8.2%, to £167,000.

At the other end of the scale, properties in Hartlepool lost 4.4% of their value – to an average price of £106,000.

Owners of detached houses saw the biggest improvement in property prices in Sunderland in October.

They increased 2.1%, to £217,356 on average – three per cent up over the year.

The value of a semi-detached home rose by 1.7% in October – up 2.3% annually to an average of £122,668.

Terraced homes saw prices rise by 1.7% on the month – up 1.6% annually to an average of £96,600.

The price of flats rose by 1.1% monthly – down 2.1% annually to an average of £74,661.

The figures show first-time buyers in Sunderland spent an average of £103,200 on their property – £1,700 more than a year ago, and £9,200 more than in September 2015.

Buyers in the city paid 13.1% less than the average price in the North East – £136,000 – in October.

Across the North East, property prices remain low compared to those across the UK, where the average home cost £245,000.

The most expensive properties in the North East were in North Tyneside – £174,000 on average.

The highest property prices in the UK were in Kensington and Chelsea, where the average October sale price was £1.3m.