New year price boost for home owners

Land Registry figures show house prices in the area increased by 0.3% in January – contributing to the longer-term trend, which has seen values increase by 10.7% annually.

The average house price in the city rose to £137,657, despite the increase on December being below the North East average increase of 1.7%, and the 0.4% for the UK as a whole.

Over the last year, the average sale price of property in Sunderland has increased by £13,000.

Owners of terraced houses saw the biggest improvement in property prices in Sunderland in January. Values increased by 0.4% to £111,563 on average – up by annually by 9.5%.

The value of a detached home fell by 0.2% monthly – but remained up 14.9% annually – at an average of £260,977.

Semi-detached house prices rose by 0.4% monthly – up 10.9% annually – to £142,214 on average.

The price of flats was up by 0.2% monthly – 7.6% annually – to an average of £85,012.

First-time buyers in Sunderland spent an average of £119,000 on their property – £11,000 more than a year ago, and £24,000 more than in January 2017.

Buyers paid 8.7% less for a home in Sunderland than the average price in the North East – £151,000.

The best annual growth in the region was in Hartlepool, where property prices increased on average by 12.6% to an average of £130,000.

The most expensive properties in the North East in January were in Newcastle – at £186,000 on average.