New figures indicate average cost of buying Sunderland homes has fallen

New figures indicate average cost of buying Sunderland homes has fallen
New figures indicate average cost of buying Sunderland homes has fallen

Research suggests Sunderland’s average house prices show a month-on-month increase in their value.

Yet their cost is still less than what they were worth 12 months ago.

Figures researched by regional property firm KIS Group indicate that the value of properties in the city have risen by 2.9 per cent between October and November with the average cost now £138,405.

But the statistics, based on nationwide data, show a fall of 5.8 per cent from £146,926 for the same period in 2016.

With a typical North-East property currently valued at £167, 401, compared to £171,286 at the end of November 2016, the figures suggest average property prices are 2 per cent lower than last year.

Prices are currently below levels recorded 12 months ago in 18 of the 20 areas surveyed – but are up year-on-year in North Shields (1.1 per cent) and Darlington (0.7 per cent).

Homes in Jarrow (-9.3 per cent) South Shields (-7.3 per cent) and Easington (5.7 per cent) have performed the weakest over the past 12 months with properties in Jarrow having lost £13,262 of their value in cash terms.

Sunderland rated among the United Kingdom’s rent-to-buy hotspots

Ajay Jagota, founder and managing director of KIS Group, based in South Shields, said: “North-East homeowners might be concerned when they hear that property prices are down 2 per cent year-on-year, not least as they were 8 per cent up this time last year.

“But it’s important to remember that prices were abnormally high in November 2015 so this may be an unhelpful comparison.

“What is more important is that they are up 0.6 per cent month-on-month. Next month’s figures will give us a much clearer picture of home regional property prices have performed over the course of the year.

“It’s very noticeable this month that price growth seems to be driven by the south of the Tyne in places like Sunderland, Jarrow and Easington.

“In the past we’ve tended to see stronger growth north of the river.

“In a time of low wage growth and economic uncertainty it’s good news for renters that rents are almost unchanged over the past 12 months, although it remains hard to argue that their tenancy deposits would be better off being put toward a deposit for their own property.”

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