Oldham house prices dropped more than North West average in March

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.
House prices dropped by 1.4% – more than the average for the North West – in Oldham in March, new figures show.

House prices dropped by 1.4% – more than the average for the North West – in Oldham in March, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 5.2% over the last year.

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The average Oldham house price in March was £188,693, Land Registry figures show – a 1.4% decrease on February.

Over the month, the picture was similar to that across the North West, where prices decreased 1.3%, and Oldham was lower than the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Oldham rose by £9,400 – putting the area 25th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in Fylde, where property prices increased on average by 14.3%, to £247,000. At the other end of the scale, properties in Blackpool gained 0.7% in value, giving an average price of £130,000.

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First steps on the property ladder

First-time buyers in Oldham spent an average of £169,000 on their property – £8,100 more than a year ago, and £55,700 more than in March 2018.

By comparison, former owner-occupiers paid £210,100 on average in March – 24.3% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices Oldham in March – they dropped 1.9% in price, to £153,402 on average. But over the last year, prices rose by 5%.

Among other types of property:

  • Detached: down 0.7% monthly; up 6.2% annually; £340,667 average
  • Semi-detached: down 1.2% monthly; up 5.5% annually; £212,965 average
  • Flats: down 1.2% monthly; up 3.4% annually; £128,422 average

How do property prices in Oldham compare?

Buyers paid 10.9% less than the average price in the North West (£212,000) in March for a property in Oldham. Across the North West, property prices are lower than those across the UK, where the average cost £285,000.

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The most expensive properties in the North West were in Trafford – £361,000 on average, and 1.9 times as much as more than in Oldham. Trafford properties cost 3.1 times as much as homes in Burnley (£115,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

  • Oldham: £188,693
  • The North West:£211,759
  • UK: £285,009

Annual growth to March

  • Oldham: +5.2%
  • The North West: +5.2%
  • UK: +4.1%

Highest and lowest annual growth in the North West

  • Fylde: +14.3%
  • Blackpool: +0.7%