Summer boost for Sunderland home owners
Home owners in Sunderland got a summer bonus as house prices rose, according to new figures.
Land Registry figures show prices in the area increased in June – contributing to the longer-term trend, which has seen property prices in the area achieve 12.3% annual growth.
The average house price in the area in June was £133,359 – up 4.3% on May but below the North East average of 5.9%, and the 4.5% rise nationally.
Over the last year, the average sale price of property in Sunderland rose by £15,000.
Owners of detached houses saw the biggest improvement in property prices in Sunderland in June. They increased by 4.6%, to an average of £247,647 – an annual rise of 13.6%.
The price of a semi-detached increased by 4.2% monthly – 11.6% annually – to an average of £137,083.
Terraced home prices rose by 4.6% over the month to an average of £109,142 – up 12.9% annually.
The price of flats was up 3.7% monthly – 10.3% annually – to an average of £83,760.
First-time buyers in Sunderland spent an average of £116,000 on their property – £13,000 more than a year ago, and £15,000 more than in June 2016.
Buyers in the city paid 10.8% less than the average price in the North East – £150,000 – but property prices the region remain low low compared to the national average of average £266,000.
The most expensive properties in the North East were in Northumberland – averaging £182,000.
The highest property prices nationally were in Kensington and Chelsea, with an average June sale price of £1.2m.