Pre-Christmas boost for home owners

Home owners in Sunderland got a little pre-Christmas present from the housing market, new figures show.
House prices riseHouse prices rise
House prices rise

The latest Land Registry figures show house prices in the area increased by 0.3%, in November - contributing to the longer-term trend, which has seen property prices in the area grow by 12.6% annually – £15,000.

The average house price in November was £134,865.

Over the month, the picture was less good than that across the North East, where prices increased 1.8%, and the city underperformed compared to a national 1.2% rise.

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Owners of detached houses saw the biggest improvement in property prices in Sunderland in November – they increased 0.9%, to an average of £255,928.

That is an annual average of 17%.

The value of a semi-detached increased by 0.4% over the month – up 12.8% annually – to an average of £139,536.

Terraced home prices rose by 0.1% in November – up 11% annually – to an average of £108,831.

The prices paid for flats fell by 0.3% on the month – but were still up 9.8% annually – to an average of £83,853.

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First-time buyers in Sunderland spent an average of £117,000 on their property – £13,000 more than a year ago, and £19,000 more than in November 2016.

Buyers in Sunderland paid 9.6% less than the average price in the North East – £149,000 - in November.

Average North East property prices are still below the national average of £271,000.

The most expensive properties in the North East were in North Tyneside – at £192,000 on average.