Wearside Property Boom, Houses Show Steepest Rises In The Country
The Sunderland Echo, 20th February 2007Homeowners are coining it in after the city enjoyed some of the steepest house prices in the country.
New figures from property website Mouseprice.com show the region catching up with the rest of the UK at an alarming rate for anyone trying to get a foot on the first rung of the property ladder.
Although the North East’s most expensive streets still have the lowest average price tag in the country, prices have increased by far more than property in London and the supposedly booming South East.
Between April 2000 and December 2006, property in the South East increased in value by an average 86.6 per cent, with London prices rising by a bit less, at 82.4 per cent.
But property in the North East showed a rise of 144.6 per cent – increasing almost two and a half times in value.
The good news for would be homeowners is that Wearside still seems to be one of the region’s best places for snapping up a bargain.
Just one street with an SR postcode – West Park Road, in Cleadon, with an average house price of £701,243 – makes the list of the region’s 20 most expensive addresses.
The most expensive address in the North East is Gubeon Wood, in Morpeth, with an average value of £1,056,940.
The region’s priciest areas mainly lie north of Newcastle. NE20 is the most expensive postcode district in general, with an average property price of £352,879.