Prices boost for home owners

Home owners in Sunderland enjoyed a late spring boost as house prices jumped by more than the regional average, according to new figures.

By Katie Williams
Monday, 27th June 2022, 12:49 pm
Updated Monday, 27th June 2022, 12:55 pm
House prices boost.
House prices boost.

Land Registry data shows the average house price in the city in April was £141,138 – a 0.3% increase on March – and representing an average rise in value of 12.1% over the last year.

Over the month, the picture was slightly up on that across the North East, where prices increased by just 0.1%, but home values in Sunderland lagged behind the 1.1% national average rise.

Experts say a shortage of properties coming on to the market was the primary reason behind climbing prices.

The average sale price of property in Sunderland in April rose by £15,000 over the year.

The owners of detached houses saw the biggest rise in property prices in Sunderland in April. Values increased by 0.5%, to an average of £266,489 – an annual increase of 15.2%.

The value of a semi-detached increased by 0.3% over the month – and 12.9% annually – to an average of £146,569.

Terraced house prices also increased by 0.3% month-on-month – and 10.8% annually – to an average of £114,237.

The price of flats fell by 0.1% monthly – but was up nine per cent annually – to an average of £86,483.

First-time buyers in Sunderland spent an average of £123,000 on their property – £13,000 more than a year ago, and £25,000 more than in April 2017.

Buyers in the area paid 9.1% less than the average price in the North East – £155,000 - in April.

Nationally, the average price of a home rose to £281,000.