Autumn boost for Sunderland house prices
Home owners in Sunderland got a financial boost in August as average house prices jumped by nearly two per cent.
New Land Registry figures show the average house price in the city in August was £132,345 – up 1.8% on July – and 13.7% up on last year.
Over the month, the area still lagged behind the rest of the North East, where prices increased by 2.4%, and nationally where there was a 2.9% rise.
Over the last year, the average sale price of property in Sunderland rose by £16,000.
Owners of detached houses saw the biggest improvement in property prices. They increased 2.4%, to an average of £247,371 – and up 16.8% over the year.
The value of a semi-detached increased 1.9% over the monthly and 12.9% annually – to an average of £136,232.
A terraced house rose in value by 1.6% monthly – and 13.2% annually to an average of £107,528.
Prices for flats were up 1.4% monthly – 12.3% annually to an average of £84,042.
First-time buyers in Sunderland spent an average of £115,000 on their property – £13,000 more than a year ago, and £15,000 more than in August 2016.
Buyers paid 11% less than the average price in the North East – £149,000 - in August for a property but regional property prices remain low compared to those across the rest of the UK, where the average cost is £264,000.
The most expensive properties in the North East were in Northumberland – at £185,000 on average,