Newspaper article The Journal (Newcastle, England)

Prices Drop Dramatically on Region's Richest Streets

Newspaper article The Journal (Newcastle, England)

Prices Drop Dramatically on Region's Richest Streets

Article excerpt

THE impact of the credit crunch on house prices in Tyne and Wear's most expensive streets has been revealed in a new survey.

The data shows just how far prices in some select areas of the North East have fallen in the past 12 months, as the impact of the credit crunch and inflated house prices at the top end of the market forced prices down dramatically.

The falls mean there are now only two streets in the region with average house prices over pounds 1m.

The most expensive street in the region, South Drive in Woolsington, Newcastle, saw prices fall by more than 10%, meaning the average price of a house on the street is now pounds 1,030,080.

The biggest fall in the region was on Lindisfarne Road in Jesmond, Newcastle, where the average price has fallen by more than pounds 137,000 to pounds 714,086, a drop of more than 16%.

Other big price falls included Beechfield Road in Gosforth, Newcastle, down pounds 117,668 to pounds 1,000,851, Eachwick, near Darras Hall, down pounds 145,030 to pounds 855,177, and Whickham Lodge Rise, Whickham, Gateshead down pounds 104,160 to pounds 841,034.

And on Runnymede Road, Ponteland, the average price of a house now stands at pounds 782,509, 14% or lower than last year. In Sunderland, prices on West Park Road have dropped to pounds 699,000, a fall of 13.5% from last year, but it still remains the most expensive street in the city.

Residents on leafy Lindisfarne Road in Jesmond, home to a number of Newcastle United players over the years, yesterday said they were not too surprised by the level of the falls. Geoff

Potts, 65, said he wasn't sure about the falls, released by website zoopla.co.uk yesterday.

"It would be very hard to calculate prices on this street. Every house is so very different," he said.

"For example my next door neighbour has been having work done for the past three years. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.