Sunderland house prices take February hit

House prices in Sunderland took a hit in February

The 1.5% drop in average prices compared to January does not reverse the longer-term trend, which has seen property values in the area grow by 5.9% over the year.

Land Registry figures show the average Sunderland house price in February was £123,485.

Over the month, the picture was similar to that across the North East, where prices decreased 1.6%.

Over the last year, the average sale price of property in Sunderland rose by £6,900.

Owners of detached houses fared worst in Sunderland in February. Prices dropped by 1.7% to an average of £225,070 but, over the last year, values rose by 6%.

The value of a semi-detached home was down 1.6% on the month – but up 5.7% annually to an average of £127,512.

Terraced house prices were down 1.5% on January but up 6.3% annually to an average of £101,028.

The value of flats fell by 0.7% on the month but were up 3.6% annually to an average of £78,463.

First-time buyers in Sunderland spent an average of £107,800 on their property – £5,800 more than a year ago, and £12,900 more than in January 2016.

Buyers paid 10.8% less than the average price in the North East – £138,000 - in February for a property in Sunderland.

Across the region, property prices remained low compared to those across the UK, where the average cost £250,000.

The most expensive properties in the North East were in North Tyneside – £176,000 on average,