Summer boost for Sunderland home owners

Home owners in Sunderland got a summer boost as the value of their properties increased.

Summer house price boost.
Summer house price boost.

New figures from the Land Registry show prices in the area increased by 2.4% in July and added to the longer-term trend, which has seen property values achieve an annual growth rate of 12.3%.

The figures show the average price paid for a house in the city in July was £144,505.

Over the month, the 2.4% rise was less than across the North East, where prices increased by 3.7%, but above the two per cent rise for the market nationally.

Over the last year, the average sale price of property in Sunderland has risen by £16,000.

Owners of terraced houses saw the biggest improvement in property prices in Sunderland in July. Values increased by 2.5% over the month to an average of £118,284. Over the last year, prices rose by 12%.

The value of a detached home rose by two per cent monthly – 14% annually – to an average of £268,479.

Semi-detached: home prices rose by 2.4% monthly -up 12.9% annually – to an average of £150,049.

The price of flats increased by 2.3% over the monthly – and up 8.3% annually – to £87,343 on average.

First-time buyers in Sunderland spent an average of £126,000 on their property – £13,000 more than a year ago, and £26,000 more than in July 2017.

Buyers paid 11.5% less than the average price in the North East – £163,000 – in July for a property in Sunderland.