Newcastle becomes millionaire’s city of the North

The increasing prosperity of northern English cities is evident in Newcastle where house prices have shown a rapid increase since the millennium, reports email4property.com. Prices are currently averaging over £170,000 with properties in top streets consistently reaching highs of over £1,000,000.

Historically out priced by homes in the south of the country, Newcastle can now boast its own millionaire’s row, with two streets in the city (Lindisfarne Road and Fencer Hill Park) currently averaging property sales over the £1,000,000 mark.

On the whole house price growth in the city is strong, with the average property showing a price increase of over 150% since the year 2000. Properties in desirable locations just outside the city centre command the highest prices in Newcastle, with detached homes in areas such as Gosforth and West Jesmond taking preference over new apartments in the city centre.

The central NE1 postcode has seen an influx of new apartments since 2000, with these homes making up 97% of the sales in 2006. However, the average sale price of an apartment has fallen by 1.4% since 2004, showing possible signs that supply is beginning to catch up with demand in the city centre.

David Bexon, Managing Director of email4property said: “email4property's new index shows that Newcastle is becoming the London of the north, with the city experiencing outstanding house price growth in 2006. High profile regeneration of the town centre and quayside has been at the forefront of Newcastle’s progression, along with the new wave of industry that has been brought to the city. Good local schools, convenient transport links and the increasing prosperity of the university have helped to attract both young professionals and families to the city, with traditional style family homes commanding the highest prices in the prestigious city suburbs.”