Oldham house prices dropped more than North West average in October

House prices dropped by 1% – more than the average for the North West – in Oldham in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 0.2% over the last year.

The average Oldham house price in October was £190,083, Land Registry figures show – a 1% decrease on September.

Over the month, the picture was different to that across the North West, where prices decreased 0.4%, and Oldham was lower than the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Oldham rose by £390 – putting the area 16th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in St Helens, where property prices increased on average by 5.5%, to £185,000. At the other end of the scale, properties in Tameside lost 4.6% of their value, giving an average price of £204,000.

First steps on the property ladder

First-time buyers in Oldham spent an average of £170,406 on their property – £43 more than a year ago, and £47,824.2355 more than in October 2018.

By comparison, former owner-occupiers paid £211,447 on average in October – 24.1% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Oldham in October – they dropped 1.5% in price, to £126,254 on average. Over the last year, prices dropped by 2%.

Among other types of property:

• Detached: down 0.6% monthly; up 1.5% annually; £341,073 average
• Semi-detached: down 0.9% monthly; up 0.8% annually; £214,879 average
• Terraced: down 1% monthly; down 0.4% annually; £155,118 average

How do property prices in Oldham compare?

Buyers paid 11.9% less than the average price in the North West (£216,000) in October for a property in Oldham. Across the North West, property prices are low compared to those across the UK, where the average cost is £288,000.

The most expensive properties in the North West were in Trafford – £375,000 on average, and twice the price as in Oldham. Trafford properties cost 3.3 times the price as homes in Burnley (£114,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

• Oldham: £190,083
• The North West:£215,719
• UK: £287,782

Annual change to October

• Oldham: +0.2%
• The North West: -0.4%
• UK: -1.2%

Highest and lowest annual growth in the North West

• St Helens: +5.5%
• Tameside: -4.6%