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Last Updated: Tuesday, 26 April, 2005, 08:37 GMT 09:37 UK
Street with no homes 'cheapest'
People in a County Durham town have been left bemused after a street was named the cheapest in the country despite it no longer being there.

Chapel Row, in Ferryhill, was named the least expensive street in the list by property analysts mouseprice.com.

But properties in the street were knocked down last year.

Mouseprice director Selwyn Lim said it was based on selling prices between April 2000 and now, regardless of whether streets were still there.

Chapel Row came in cheapest with average house prices of �7,250. It compared to the most expensive street in England and Wales - Earls Terrace, in Kensington, London, with average prices at more than �4m.

Regeneration work

Mr Lim said: "The exercise that was in question was all about looking at the average prices over the last five years and we felt by averaging the results we had from the Land Registry it would reveal insights into areas regardless of whether or not a particular street now exists.

"The point was that properties were for sale in Chapel Row for these really low prices."

Beverly Walker lives in Ferryhill in a street where she is the only resident on one side and is flanked by 12 empty properties.

She said she thought the list would stop people from buying houses in the area but there was a lot of regeneration work.

She said: "The council are now working with the people left here to make it a better place to live in with regeneration going on."




SEE ALSO:
Houses 'breach �100,000 UK-wide'
19 Feb 05 |  Business
Northern house prices surge ahead
10 Jul 04 |  Business
North-South property gap narrows
17 Apr 04 |  Business



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