Back in 2014 figures based on Land Registry data, giving averages for each road based on the mean of all non-commercial sale prices in 2014, showed that Newcastle had six of the top ten most expensive streets in the North East of England. All of these streets were in either Jesmond or Gosforth. Osborne Villas, Jesmond, and Elmfield Road, Gosforth, came top in 2014 and both had averages over £990,000.
Are these still the most expensive? With new housing and changing tastes are the traditionally popular areas still topping the list?
The Newcastle Chronicle has used Zoopla to try and find out [12 March 2017]. Incidentally Zoopla uses Land Registry data and adjusts this to give a current average property value based on their current estimates; it is reasonably accurate. Houses in The Grove, Gosforth, (above) sold for an average of £590,375 in the last 12 months and Zoopla puts the current average value at £625,531 [Zoopla search 17 April 2017].
Five of the top ten are in Newcastle and all of these are in Gosforth. Elmfield Park comes in at £1,088,576 withjust behind at £1,079,198 and at £934,937. nd Elmfield Road also make the top ten. Surprisingly no other street in Newcastle made the list; there were none from Jesmond!
However, according to a Lloyd’s Bank report Jesmond continues to be popular with professionals with house buyers prepared to pay £73,700 more than average to live there, compared to the surrounding areas, making it one of the hottest property spots in the country to live in. Property in Jesmond costs on average £268,877 while for the city as a whole it is £195,177 – a 38% premium [Chronicle 17 April 2017].
Don’t be deceived by averages. Although there are currently houses for sale above the million mark on Zoopla (17 April 2017) the highest prices being sought tend to be for properties in Ponteland and Woolsington just outside the city boundary. Some detached houses in Fenham and Heaton are also being marketed at over £700,000, so the picture is perhaps more varied than the top ten suggests.
- The Chronicle’s news story covering Tyne and Wear, Northumberland, and County Durham, has a gallery of images of these streets and details of average sales values (12 March 2017): http://www.chroniclelive.co.uk/news/property-news/top-ten-most-expensive-streets-12727804