Early summer hit for home owners

Land Registry data shows house values dropped by an average of 0.1% in May – but had little effect on the long term trend which has seen property prices in the area grow by 10.3% over the last year.

The average house price in the city in May was £140,439 – 0.1% down on April

That was the same decrease in prices regionally but well below the 1.2% average national market rise.

Over the last year, the average sale price of property in Sunderland rose by £13,000.

Owners of flats saw the biggest fall in property prices Sunderland in May. Values dropped by 0.9% to an average of £85,328 on average.

But, over the last year, prices rose by 6.6%.

The value of a detached home in the city fell by 0.6% monthly – but up 12.1% annually – to £262,489 on average

Semi-detached home prices fell by 0.2% over the month – up 10.9% annually – to an average of £145,665.

Terraced housed values were up 0.3% monthly – and 9.9% annually to an average of £114,604.

First-time buyers in Sunderland spent an average of £122,000 on their property – £11,000 more than a year ago, and £24,000 more than in May 2017.

Buyers paid 8.6% less than the average price in the North East (£154,000) in May for a property in Sunderland.

Nationally, the average cost of a house is £283,000.