House prices fall offset by annual increases

House prices in Sunderland took a slight Autumn hit but owners are still looking at a near 11% rise in values over the year, according to new figures.

Land Registry figures show prices in the area dropped in September, but the longer-term trend has seen values achieve a 10.9% annual growth.

The average house price in the city in September was £129,153 – down 0.3% on August and worse than across the North East, where prices increased by 3.8%.

The housing market in Sunderland also underperformed compared to the 2.5% national rise in prices but, over the last year, the average sale price of property in the area rose by £13,000.

The owners of terraced houses fared worst in Sunderland in September. They saw values drop by 0.7% to an average of £104,819 but, over the last year, prices rose by 10.3%.

The price of a detached home rose by 0.4% over the month – up 13.5% annually – to an average of £241,071.

The value of a semi-detached house fell by 0.6% monthly – but was up 10.2% annually – to an average of £132,924.

Flat prices rose by 0.3% over the month – up 10.7% annually – to an average of £82,553.

The figures show first-time buyers in Sunderland spent an average of £112,000 on their property – £11,000 more than a year ago, and £14,000 more than in September 2016.

On average, buyers paid 15.5% less than the average price in the North East – £153,000 - in September for a property in Sunderland.