New year price boost for home owners

Home owners in Sunderland got a modest New Year boost, according to new figures.
House prices on the rise.House prices on the rise.
House prices on the rise.

Land Registry figures show house prices in the area increased by 0.3% in January – contributing to the longer-term trend, which has seen values increase by 10.7% annually.

The average house price in the city rose to £137,657, despite the increase on December being below the North East average increase of 1.7%, and the 0.4% for the UK as a whole.

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

Owners of terraced houses saw the biggest improvement in property prices in Sunderland in January. Values increased by 0.4% to £111,563 on average – up by annually by 9.5%.

The value of a detached home fell by 0.2% monthly – but remained up 14.9% annually – at an average of £260,977.

Semi-detached house prices rose by 0.4% monthly – up 10.9% annually – to £142,214 on average.

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The price of flats was up by 0.2% monthly – 7.6% annually – to an average of £85,012.

First-time buyers in Sunderland spent an average of £119,000 on their property – £11,000 more than a year ago, and £24,000 more than in January 2017.

Buyers paid 8.7% less for a home in Sunderland than the average price in the North East – £151,000.

The best annual growth in the region was in Hartlepool, where property prices increased on average by 12.6% to an average of £130,000.

The most expensive properties in the North East in January were in Newcastle – at £186,000 on average.