Street in Gosforth named the most expensive in the North East

Graham Park Road, in Gosforth, Newcastle has topped the list of most expensive addresses in the North East

Graham Park Road, in Gosforth, made top 10 of most expensive streets in the North East
Graham Park Road, in Gosforth, made top 10 of most expensive streets in the North East

A street in Newcastle has topped the list of most expensive addresses in the North East.

Graham Park Road, in Gosforth, has an average house price of more than £1.1m, according to information compiled by Lloyds TSB based on properties sold between 2008 and 2013.

It is a return to the top spot after the street last year dropped to third place following two years in the top position.

More than half of the 10 most pricey streets in the North East are in Newcastle, with most of the top prices in the desirable NE3 postcodes of Gosforth.

Graham Park Road, just off the Great North Road and close to Gosforth High Street, is the most expensive with an average price of £1,126,000, followed by Oakfield Road, also in Gosforth, at £781,000. Moor Crescent, also in Gosforth, racks up average house prices of £740,000.

Outside of Newcastle, Edge Hill and Darras Road, in Ponteland, Northumberland, have averages of £701,000 and £668,000, while houses in The Square, in Sunderland, sell for an average of £652,000.

The figures, based on data from the Land Registry and the Royal Mail, place Leven Bank, in Yarm, Teesside, in seventh place of the most expensive streets, as houses sell on average of £631,000.

County Durham’s only entry, South Street in Durham City, where houses sell for an average of £606,000 came in at 10th place in the region’s top 10.

Other addresses making the list include Beverley Gardens, in North Shields, and Lumley Way, also in Gosforth.

The most expensive residential streets in England and Wales remain in the Royal Borough of Kensington and Chelsea.

Located in South Kensington, surrounded by fashionable boutiques and with the Victoria and Albert Museum just across the road, Egerton Crescent is the nation’s dearest address for the second year running with an average property price of £7,369,0001 properties are large grade II listed Georgian homes with 4 to 5 bedrooms.

Nitesh Patel, economist at Lloyds Bank, said: “Unsurprisingly, many of the most expensive residential streets in England and Wales are in the Royal Borough of Kensington and Chelsea with more than half of the 20 most expensive London streets in the borough. Kensington and Chelsea has long had a global appeal and in more recent years the area has attracted many ultra-wealthy foreign buyers.

“Low housing supply also helps support high property values in this area. Across most regions, the most expensive streets are tightly clustered within the same area.”

All but two of the country’s top 50 streets - with an average house price of more than £1.8m - were found in either London or the South East.

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