Sunderland home owners see values stall

Land Registry figures show average house prices droped by 0.2% in the area in April – but this did not hit the longer term trend which has seen property values in the area achieve 10% annual growth.

The average price for a house in Sunderland in April was £126,520 – and the monthly decrease was still better than that across the North East, where prices decreased by 1.7%. The housing market in the city also outperformed the 1.9% drop for the UK as a whole.

Over the last year, the average sale price of property in the city has risen by £11,000.

The best annual growth in the region was in Hartlepool, where property prices increased on average by 20.1%, to £125,000.

At the other end of the scale, properties in Northumberland gained 6.4% in value, giving an average price of £165,000.

Owners of flats fared worst in Sunderland in April. Prices dropped by 0.7% month on month to an average of £79,173 – but over the last year, prices rose by 7.2%.

The average value of detached homes fell by 0.3% monthly – but up 10% annually to an average of £232,014.

Semi-detached home prices remained level over the month – up 10.1% annually to an average of £130,901.

The value of terraced homes fell by 0.2% monthly – but up 10.3% annually to an average of £103,463.

First-time buyers in Sunderland spent an average of £110,500 on their property – £9,900 more than a year ago, and £14,200 more than in April 2016.

The figures show buyers in the city paid 12.2% less than the average price in the North East – £144,000 - in April.

Across the region, property prices remain low compared to national values and the average price of a home in the UK stood £251,000 in April.

The most expensive properties in the North East were in North Tyneside – £186,000 on average.

The highest property prices nationally were in Kensington and Chelsea, where the average April sale price was £1.1m.