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Business & Economy

Newcastle’s most expensive streets top £1.1 million

The average price of a property on two of Newcastle’s most expensive streets is more than £1.1 million, according to new data released by property website Zoopla.

The Zoopla Rich List 2020 shows that Beechfield Road and Graham Park Road, both in Gosforth, are the two most expensive streets to buy a home in the city, with average prices of £1,131,454 and £1,108,110 respectively.

All of the streets in the top ten list are located within the NE2 and NE3 post codes, which are the post codes for Jesmond and Gosforth.

They are popular due to their leafy surroundings, outstanding schools and proximity to the city centre.

The most expensive streets are also close to four golf clubs, a short drive to Jesmond Dene and accessible to coastal areas like Tynemouth and Whitley Bay.

Recent data from Zoopla shows that demand for homes in the Newcastle area has grown exponentially in the last year, rising by 158 per cent since July 2019.

The number of homes available to purchase locally hasn’t kept pace with demand however, rising by just 11 per cent in the same period.

Martyn Crinson, director at Bowson, an estate agency in Newcastle, said: “Newcastle is an incredible place to live and work, boasting some of the best schools, restaurants and amenities in the UK.

“It’s natural that homeowners with big budgets are drawn to Gosforth, which is home to some fabulous properties.”

Gráinne Gilmore, head of research at Zoopla, added: “The Zoopla Rich List 2020 highlights the desirability of property in Newcastle, especially at the prime end of the market.

“The bustling city centre, outstanding schools and fantastic shops, restaurants and bars mean that an address on one of its most expensive streets is worth more than £1,100,000.

“New working patterns, especially remote working, mean house hunters from all over the country are seeking bigger properties with outdoor space.

“Newcastle has a wide range of these types of properties, not least for those who can pay a premium for their next home.”