Sunderland house prices jump despite regional trend

Home owners in Sunderland got a little pre-Christmas boost with a jump in house prices, according to new figures.

Sunderland house prices increase.
Sunderland house prices increase.

Land Registry data shows prices in the area increased by 0,7% in November – despite a decrease of 2.6% across the North East and a 0.3% drop nationally.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.2% over the last year and the average value of a home in the area reached £146,380.

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Over the last year, the average sale price of property in the city has risen by £12,000

The average UK house price edged down to £295,000 in November, from the previous month's record high of £296,000.

Owners of semi-detached houses saw the biggest rise in property prices in Sunderland in November.

Values increased by 0.8%, to an average of £152,081.

Over the last year, prices rose by 9.5%.

Owners of a detached home saw prices rise by 0.7% over the month – and up 9.5% annually – to £273,647 on average

The value of a terraced home also increased by 0.7% monthly - up 9.6% annually – to an average of £119,696.

The price of flats also increased over the month – up by 0.2% to an average of £87,456, which is an annual increase of six per cent.

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The data also shows first-time buyers in Sunderland spent an average of £127,000 on their property – £11,000 more than a year ago, and £26,000 more than in November 2017.

Buyers paid 10% less than the average price in the North East (£163,000) in November for a property in Sunderland.

The most expensive properties in the North East were in North Tyneside – £208,000 on average.

Nathan Emerson, CEO of Propertymark – which represents estate agents - said: "In November, our agents reported a market that was on the cusp of seeing purchasing power handed back to buyers, which was a trend we hadn’t seen in months."

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And Roger Evans, director of home finance distribution at Gatehouse Bank, said: “The property market is slowly becoming more favourable for buyers in some areas as interest rates stabilise a little following the turbulence of 2022.”