Sunderland is one of the few places in the United Kingdom that has seen consistent growth in property prices in recent months.
Much of this is down to a considerable investment from the local council, which has helped Sunderland become one of the best places to invest in property in the UK.
This article explores whether now is the right time to buy or sell Sunderland property or whether it may be worth waiting for.
Best time of year to sell a house
Spring – especially March – is the best time of the year to sell a house. Buyers tend to have more funds, so sellers can often command a higher price for their properties.
Best time of year to buy a house
For buyers, the winter months (November to February) are the best times to buy. Properties stay on the market for longer during this period.
Shortly before and after Christmas, buyers are likely to face fewer competitors, and sellers are more likely to accept bids to finalise a sale.
Sunderland property market trends
The Sunderland property market is currently healthy.
According to the Land Registry, while property prices fell slightly at the start of 2024, they are now trending towards a sharp increase.
This means it is an excellent time for buyers and sellers on the market. Buyers can benefit from lower property prices than in the 2021-2023 period, and sellers can benefit as property prices are no longer falling.
Property prices in Sunderland have increased year on year since 2019, other than a lull at the end of 2023. They’re lower now than they’ve been for a while, but the market is recovering.
Sunderland property market relative to the rest of the UK
Unlike other places in the UK, the Sunderland property market has remained relatively stable regarding how long a property takes to sell.
Many places in the UK have added a good 1-2 months to the average time to sell over the last year. By contrast, properties in Sunderland now take an additional 1-2 weeks to sell.
Sunderland is an up-and-coming market. Prices have yet to settle here, and until the market stabilises, we’ll likely see more peaks and troughs in Sunderland property prices.
The road ahead
There is some indication that the UK property market will bottom out in the third quarter of 2024 before prices rise again.
Sunderland is not set to experience the same, with many indications that the Sunderland market has already bottomed out and that future price increases are expected.
Buying a house in Sunderland
The current average house prices, as of April 2024, in Sunderland are:
- Detached: £254,716
- Semi-Detached: £141,211
- Terraced: £110,619
- Flat: £82,842
This means that property prices in Sunderland are significantly below the UK average, which is why the market in Sunderland is unlikely to crash as hard as other places in the UK, particularly in the latter part of 2024.
With many new builds appearing throughout Sunderland, thanks to the investment from the local council, many first-time buyers will benefit from purchasing a property in Sunderland now.
This is because those who take advantage of the government-run First-Time Buyer scheme can receive up to 50% discount on new-build property prices.
This makes it easier to enter the market. Likewise, those looking to sell a flat in Sunderland fast or any other property should expect decent interest levels.
The property market in Sunderland is booming right now, with plenty of properties entering the market. As a homebuyer, you should find it easier to find the perfect property for your needs.
Selling a property in Sunderland
Do you have a property to sell in Sunderland? While the market in Sunderland supports fast sales, it still takes months rather than days or weeks, and no sale on the open market is guaranteed.
If you want to sell a flat fast in Sunderland or any other type of property and enjoy a guaranteed sale, cash house buyers like us at We Buy Any Home can help.
We can sell your property in as little as seven days, and as a founding member of the NAPB, there are no hidden fees. Reach out for a free cash offer within minutes, and you can choose your completion date.
If you want to read more about how quickly property sells in Sunderland, we’ve written a guide.
