Millionaire’s Row of the North East.

A list of millionaire’s row has been revealed and two streets in the North East are featured. Of the top 20 most expensive streets in the North, most of the streets are either in Northumberland or Tyneside.

Based on Land Registry details for the years 2006-2010 Lloyds Banking Group compiled the data. Of the top two streets, the average house was worth more than £1million. Those at the bottom are still worth over half a million pounds.

The most expensive street in the North is Graham Park Road, which is situated just off Great North Road in Gosforth, Newcastle. House prices here fetched on average £1,228,000. Western Way in Darras Hall, Northumberland saw the average house price reach £1,141,000. Situated at number three on the list was Lindisfame Road in Jesmond. Prices there reached on average £970,000. However this was down on figures from the year before as a Halifax survey also based on data from Land Registry priced the houses on the street at £1,003,822.

The most desirable postcode is NE3 which is where Gosforth is situated. Of the top 20, eight of those belong in Gosforth. Featured streets were Oakfield Road averaging £862,000 per house, Grove Park Square, Osbaldeston Gardens and Moor Crescent.

Darras Hall in Northumberland has five of the top twenty within its area. However Darras Road was number two in last year’s list with properties averaging £830,750; this has now dropped to £793,000. Also on the list is the winner from 2004 to 2008 Runnymede Road. House prices averaged here at £739,000. Edge Hill was 17th averaging at £590,000 and Eastern Way made the top 20 spot averaging at £579,000.

Runnymede Road’s average of £739,000, although still high, fell below its average of £1,135,625 when it was top of the list. Some saw their house prices increase despite the downturn. Westhouse Avenue in County Durham averaged at £630,000 and was up from £598,422, its average on last year’s list.

Most of the streets on the list are in the NE3 postcode. Swainston Close and Castlereagh on the Wynyard estate near Billingham made the list and Leven Bank on the edge of Yarm averaged £631,000.

Lloyds did not just feature the North East but all areas. Not surprisingly London came out on top. Houses near Wimbledon’s All England Tennis Club in Parkside SW19 averaged at a whopping £5,058,000. The bottom of London’s top 20 addresses was Trevor Place, prices averaged at £2,668,000. To put this into perspective, this is more than double the number one address of the North East.

The Housing Economist of Lloyds TSB Nitesh Patel explained that the most exclusive streets continue to be in relatively small areas. London again attracts the affluent through many celebrities and wealthy foreign businessmen which helps to drive up prices in those areas.
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