Early summer hit for home owners

Homeowners in Sunderland took an early summer hit as house prices fell slightly, according to new figures.
Small fall in house prices.Small fall in house prices.
Small fall in house prices.

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

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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

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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.