Oldham house prices increased in December

House prices increased by 1.5% in Oldham in December, new figures show.

But the rise does not reverse the longer-term trend, which has seen property prices in the area suffer a 0.4% annual decline.

The average Oldham house price in December was £192,873, Land Registry figures show – a 1.5% increase on November.

Over the month, the picture was different to that across the North West, where prices increased 2.5%, but Oldham was above the 0.1% rise for the UK as a whole.

Over the last year, the average sale price of property in Oldham fell by £760 – putting the area 19th among the North West’s 35 local authorities with price data for annual growth.

The highest annual growth in the region was in West Lancashire, where property prices increased on average by 9.8%, to £253,000. At the other end of the scale, properties in Hyndburn lost 7.8% of their value, giving an average price of £120,000.

First steps on the property ladder

First-time buyers in Oldham spent an average of £173,000 on their property – £1,000 less than a year ago, but £52,100 more than in December 2018.

By comparison, former owner-occupiers paid £214,400 on average in December – 24% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Oldham in December – they increased 1.7%, to £218,774 on average. Over the last year, prices rose by 0.5%.

Among other types of property:

• Detached: up 1.3% monthly; up 0% annually; £343,457 average
• Terraced: up 1.4% monthly; down 1% annually; £157,240 average
• Flats: up 1.4% monthly; down 2.4% annually; £128,750 average

How do property prices in Oldham compare?

Buyers paid 11.7% less than the average price in the North West (£218,000) in December for a property in Oldham. Across the North West, property prices are low compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the North West were in Trafford – £366,000 on average, and 1.9 times the price as in Oldham. Trafford properties cost 3.4 times the price as homes in Burnley (£107,000 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 December

• Oldham: £192,873
• The North West:£218,353
• UK: £284,691

Annual change to December

• Oldham: -0.4%
• The North West: +1.2%
• UK: -1.4%

Highest and lowest annual growth in the North West

• West Lancashire: +9.8%
• Hyndburn: -7.8%