Jesmond has seen the second biggest increase in asking prices in the UK over the past year, according to new data from Rightmove.
The property website has revealed that the average asking price for a property in the leafy suburbs of Newcastle has risen by 23% since last year, from £293,049 to £361,564.
The increase goes beyond the wider Newcastle area, where asking prices are rising 7% a year, with estate agents saying many buyers interested in the suburbs are people returning to the area after living elsewhere.
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Jesmond’s asking price increase comes second after fishing village of Brixham in Devon, and just ahead of Farnham in Surrey.
Across Britain, average asking prices are up 9.5% a year in February and new listings are up 16% from January.
Greg McCarthy, valuer at Sanderson Young in Newcastle, said: “The areas of Jesmond and Gosforth have always been highly sought after and extremely popular residential suburbs of Newcastle.
“Jesmond offers great proximity to Newcastle city center and also offers excellent local transport links, with fantastic tube links providing easy access to the whole area and Newcastle Airport
“Jesmond also offers easy access to beautiful green spaces, charming Jesmond Dene and an outstanding public and independent school, making it extremely popular with young growing families.
“We have had great success in Jesmond and Gosforth, with prices rising sharply over the past 12 months and many buyers relocating to their native north-east who want access to all that this prestigious Newcastle locality has to offer. .
“We have seen prices increase by 15-20% in some areas as competition is still extremely strong and many properties are selling above their asking price.”
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