Oldham house prices dropped more than North West average in May
House prices dropped by 0.5% – more than the average for the North West – in Oldham in May, new figures show.
But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 10.7% over the last year.
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Hide AdThe average Oldham house price in May was £180,048, Land Registry figures show – a 0.5% decrease on April.
Over the month, the picture was similar to that across the North West, where prices decreased 0.2%, and Oldham was lower than the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in Oldham rose by £17,000 – putting the area 23rd among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Knowsley, where property prices increased on average by 20.5%, to £177,000. At the other end of the scale, properties in Allerdale remained level at £169,000.
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Hide AdAn imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.
"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."
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Hide AdFirst steps on the property ladder
First-time buyers in Oldham spent an average of £162,000 on their property – £15,000 more than a year ago, and £51,000 more than in May 2017.
By comparison, former owner-occupiers paid £200,000 on average in May – 23.6% more than first-time buyers.
Property types
Owners of detached houses saw the biggest fall in property prices Oldham in May – they dropped 1% in price, to £322,108 on average. But over the last year, prices rose by 12.5%.
Among other types of property:
Semi-detached: down 0.6% monthly; up 11.2% annually; £202,192 averageTerraced: down 0.1% monthly; up 10.5% annually; £147,284 averageFlats: down 0.9% monthly; up 5.8% annually; £122,820 average
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Hide AdHow do property prices in Oldham compare?
Buyers paid 12.5% less than the average price in the North West (£206,000) in May for a property in Oldham. Across the North West, property prices are lower than those across the UK, where the average cost £283,000.
The most expensive properties in the North West were in Trafford – £353,000 on average, and twice as much as more than in Oldham. Trafford properties cost 3.2 times as much as homes in Burnley (£112,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in May
Oldham: £180,048The North West:£205,783UK: £283,496
Annual growth to May
Oldham: +10.7%The North West: +11.5%UK: +12.8%
Highest and lowest annual growth in the North West
Knowsley: +20.5%Allerdale: 0%