With the region still in the grips of a cost of living crisis and mortgage interest rates at a 15-year high, it's challenging time for people in the city to be buying and selling houses.
The market situation has inevitably had a negative affect on house prices in Sunderland. Across 2023 the overall average house price in the city was £164,646, down 4% on both the 2021 and 2022 averages.
Falling house prices can be a big concern for home owners as it may lead to a situation of negative equity, with mortgages taken out on a property being less than its current valuation.
However, not all parts of the city have experienced a decline, with some locations experiencing a rise in the average price of houses being sold.
Check out where in Sunderland and Washington has experienced a rise in average house price sales and where average prices have fallen according to Rightmove data.
1. Rising and falling house prices in Sunderland.
Check out the postcode locations where house prices are rising and falling in Sunderland and Washington. Photographs: Google Maps Photo: Google Maps
2. SR1 postcode
Areas covered - Sunderland City Centre, East End and Hendon. Price increase or decrease - Prices were 12% up in 2023 compared to the previous year and 52% down on the 2008 peak of £179,847. Average 2023 price of houses sold - £87,167 House price breakdown - The majority of sales in SR1 during the last year were flats, selling for an average price of £50,611. Terraced properties sold for an average of £126,438, with semi-detached properties fetching £102,000. Photograph: Google Maps Photo: Google Maps
3. SR2 postcode
Areas covered - Ashbrooke, Ryhope, Grangetown, Hillview and Thornhill. Price increase or decrease - Prices of houses sold were 11% down in 2023 compared to the previous year and 12% down on the 2021 peak of £166,975. Average 2023 price of houses sold - £146,118. House price breakdown - The majority of sales in SR2 during the last year were terraced properties, selling for an average price of £114,832. Semi-detached properties sold for an average of £161,563, with flats fetching £99,488. Photo: Google Maps Photo: Google Maps
4. SR4 postcode
Areas covered - Barnes, Chester Road, Deptford, Ford Estate, Grindon, Hastings Hill, Hylton Lane Estate, High Barnes, Pallion, Pennywell and South Hylton. Price increase or decrease - Prices of houses were 1% down in 2023 compared to the previous year but 4% up on the 2021 peak of £124,120. Average 2023 price of houses sold - £128,819. House price breakdown - The majority of sales in SR4 during the last year were terraced properties, selling for an average price of £104,920. Semi-detached properties sold for an average of £144,082, with detached properties fetching £236,291. Photograph: Google Maps Photo: Google Maps