Terraced house owners see the biggest drop in property prices
Home owners in Sunderland took a slight early spring hit as house prices in the area slipped, according to new figures.
Land Registry data shows average prices in the borough dropped by one per cent in March.
But the longer-term trend has seen property values in the area grow by 3.3% over the last year, although this is the lowest in the region.
The average house price in Sunderland in March was £138,954.
Over the month, the picture was better than that across the North East, where prices decreased 1.6% – and the fall was less than the national market, where prices dropped by an average of 1.2%.
The data shows that, over the last year, the average sale price of property in the city has risen by £4,500.
This puts the area bottom among the North East’s 12 local authorities for annual value growth.
Owners of terraced houses saw the biggest fall in property prices Sunderland in March.
Values dropped by 1.6%, to an average of £112,335 – but, over the last year, prices have risen by 2.8%.
The value of a detached home in the area was up by 0.3% over the month – and up 5.8% annually – to £265,793 on average.
Semi-detached home prices fell by 0.9% month on month.
But they remained up by 3.3% annually – at an average of £144,467.
The prices being paid for flats fell by 1.1% month on month – but they remained up 1.5% annually – at £83,559 on average.
The data shows first-time buyers in Sunderland spent an average of £120,400 on their property in March.
That is £3,500 more than a year ago, and £23,400 more than in March 2018.
Buyers paid 11.4% more than the average price in the North East (£157,000) in March for a property in Sunderland.
The highest annual growth in the region is in North Tyneside, where property prices have increased on average by 11.4%, to £212,000.
Across the North East, property prices remain lower than those across the rest of the UK, where the average property cost £285,000 in March.