Newcastle, Northumberland and Tyneside keep Millionaires’ Rows

Jul 8 2009 by Rob Pattinson, The Journal

THE region has kept its millionaires’ rows despite the economic downturn.

Leading North East property experts have said upmarket streets in Newcastle, Northumberland, and South Tyneside have retained an average price-tag of £1m per home.

The claim follows the sixth sale in six months of luxury £1m homes on the same street in Gosforth, Newcastle – Graham Park Road. Property agent Sanderson Young, who marketed the properties, has also said they are currently handling sales for Newcastle properties priced at £2.5m and £3m.

Managing director Duncan Young said the sales point to the “millionaires’ market” has managed to remain so far through the recession. “We’re still breaking the million pound mark. Prime addresses like this are still selling well because we’re talking about exceptional properties in beautiful areas.

“While we’ve seen moderation in pricing, the prices people are buying at are now realistic. In some cases there are properties buyers have waited 20 or 30 years to come on the market. Now there is a situation where older generations are realising their properties are surplus to requirements.

“Everyone has been affected by the downturn. Even the rich feel less wealthy. But now we are seeing those looking to build up their estates again come into the market because they believe it is a good time to buy.”

Elsewhere in Gosforth, Elmfield Road, Montague Avenue, Westfield Drive and Fencer Hill Park have all been named as surviving £1m property spots. Exclusive addresses in Jesmond, including Adderstone Crescent and Lindisfarne Road along with villages like Tranwell near Morpeth, and Cleadon and Whitburn in South Tyneside have also been highlighted. Runnymede Road and other addresses in Darras Hall, Ponteland also remain home to sough-after £1m-plus properties.

On average, homes in Newcastle are valued at up to £135,000. Richard Sayer, director of Rook Matthews Sayer estate agents believes a shortage of properties has helped to preserve the sales in the million pond price bracket. He said: “Properties in the most desirable spots always have unique selling points, so when they come on the market there are always people who want to buy them. We’ve seen the same with holiday properties in Northumberland. If people agree with the value they will pay for it.”