Autumn house price boost for home owners

Land Registry figures show housed prices in the area rose by 3.4% in October – contributing to a longer-term trend, which has seen property values achieve an 18% annual growth rate.

The figures show the average price in October was £136,439.

Over the month, the picture was better than that across the North East, where prices decreased by 4.8% to an average of £147,719, and the city housing market also outperformed the 1.1% drop for the UK as a whole.

Over the last year, the average sale price of property in Sunderland rose by £21,000.

Owners of detached houses saw the biggest improvement in property prices in October. They increased by four per cent to an average of £256,163 – an annual value increase of 21.2%.

The value of a semi-detached rose by 3.3% over the monthly – up 17.6% annually – to an average of £140,641.

The price of a terraced home increased by 3.4% monthly – up 17.4% annually to an average of £110,829.

Flat values increased by three per cent monthly to an average of £85,379 – up 16.1% annually.

First-time buyers in Sunderland spent an average of £119,000 on their property – £18,000 more than a year ago, and £20,000 more than in October 2016.

Buyers paid 7.6% less than the average price in the North East for a property in Sunderland.

Across the North East, property prices are remain lower than those nationally, where the average is £268,000.