Summer price boost for home owners

House prices in the area increased by 0.6% in June – to an average of £140,872, Land Registry figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 8.8% over the last year.

Over the month, the market was slower than that across the North East, where prices increased 1.7%, and the Sunderland market was also below the one per cent national rise in prices.

The data also shows that over the last year, the average sale price of property in the city rose by £11,000.

Experts say an imbalance between supply and demand for properties is the primary reason behind house prices climbing throughout the pandemic.

First-time buyers in Sunderland spent an average of £122,700 on their property – £9,700 more than a year ago, and £23,600 more than in June 2017.

Owners of terraced houses saw the biggest rise in property prices in Sunderland in June.

Prices increased one per cent, to an average of £115,120. Over the last year, prices rose by 8.2%.

The value of a detached home stayed the same over the month – but was up 10.9% annually – at an average of £262,526.

The price paid for a semi-detached house was up by 0.6% over the month – up 9.4% annually – to £146,102 on average.

The value of flats also rose by 0.6% monthly – and 5.8% annually – to an average of £85,583.

The average house price in the North East was £158,000 in June.