With the cost of living crisis well and truly starting to bite, the UK’s housing market has slowed down, with Rightmove, the UK's largest online real estate property portal, showing average house prices rising nationally by just £14 last month, the smallest ever increase from January to February.
In Sunderland, 2022 saw average house price sales fall by 2% to £159,903. 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 experience a decline, with some locations experiencing a rise 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.
9. NE38 postcode
Areas covered - Columbia, Barmston, Harraton, Washington Village, Biddick, Oxclose, Lambton, Ayton and Teal Farm in Washington. Price increase or decrease - Prices were 10% up in 2023 compared to the previous year and 2% up on the 2021 peak of £192,430. Average price of houses sold in 2023 - £195,844. House price breakdown - The majority of sales in NE38 during the last year were terraced properties, selling for an average price of £132,599. Semi-detached properties sold for an average of £172,576, with detached properties fetching £365,243. Photograph: Google Maps | Google Photo: Google Maps