Summer boost for house prices
Homeowners in Sunderland got a summer boost as house prices jumped by 1.5% in June, according to new figures.
The rise contributes to the longer-term trend, which has seen property prices in the city achieve annual growth of 1.2%– bringing the average price of a house in Sunderland to £118,232 in June, Land Registry figures show.
The picture was less good than that across the North East, where prices increased 2.9% between May and June, but Sunderland out performed the 0.7% rise for the UK as a whole.
Over the last year, the average sale price of property in Sunderland rose by £1,400– putting the area fourth among the North East’ s 12 local authorities for annual growth.
The best annual growth in the region was in Northumberland, where properties increased on average by 5.6%, to an average of £160,000.
At the other end of the scale, properties in Middlesbrough dropped 8.3% in value, giving an average price of £103,000.
Owners of semi-detached houses in Sunderland saw the biggest improvement in property prices in June –they increased 1.6%, to £122,259 on average, a 1.4% increase on the year.
People with detached homes saw the price rise by 1.4% on the month – up 2.7% annually to an average of £218,099.
Owners of terraced homes saw a more modest rise of 1.5% on the month – up 0.9% annually to an average of £96,265.
Prices for flats were up one per cent on the month – but remained down three per cent annually with an average of £74,683.
First-time buyers in Sunderland spent an average of £103,100 on their property – £1,000 more than a year ago, and £7,400 more than in June 2015.
Buyers paid 10.3% less than the average price in the North East – £132,000 – in June for a property in Sunderland.
Across the North-East, property prices remained relatively low compared to those across the UK– where the average cost was £238,000.
The highest property prices in the country were in Kensington and Chelsea, in London, where the average June sale price was £1.4m.