Spring market boost as prices of properties continue to rise
Home owners in Sunderland got a spring boost as house prices in March increased, according to new figures.
The rise contributes to the longer-term trend, which has seen property prices in the area achieve 5.8% annual growth.
The average Sunderland house price in March was £121,212, Land Registry figures show – a 3.2% increase on February.
That compares to the North East housing market, where prices decreased 0.6% in March.
The Sunderland market also outperformed the 0.2% average price drop for the UK as a whole.
Over the last year, the average sale price of property in Sunderland rose by £6,600 – putting the area third among the North East’s 12 local authorities for annual growth.
The best annual growth in the region was in Middlesbrough, where property prices increased on average by 10.1%, to £119,000.
At the other end of the scale, properties in County Durham dropped 1.2% in value, to an average of £96,000.
Owners of detached houses in the city saw the biggest improvement in property prices in March. They increased 4.2%, to £224,135 on average – a 6.5% increase over the last year.
The cost of a semi-detached house rose by 3.1% on the month – up 5.9% annually – to an average of £125,275.
Terraced home prices rose by 2.9% over the month to an average of £98,278 -0 a 5.7% annual increase.
The price of flats went up 2.9% in March - up 3.4% annually to an average of £78,233.
First-time buyers in Sunderland spent an average of £105,700 on their property – £5,700 more than a year ago, and £11,400 more than in March 2015.
By comparison, former owner-occupiers paid £ 136,300 on average in March – 29.0% more than first-time buyers.
The average price of a house in the North East is £126,945.
Across the region, property prices remain low compared to the UK average of £232,000.
The most expensive properties in the North East were in North Tyneside – £160,000 on average.
The highest property prices across the UK were in Kensington and Chelsea, where the average March sale price of £1.4m.