Oldham house prices increased in June
House prices increased by 2.1% in Oldham in June, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.3% over the last year.
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Hide AdThe average Oldham house price in June was £182,943, Land Registry figures show – a 2.1% increase on May.
Over the month, the picture was similar to that across the North West, where prices increased 2.1%, and Oldham was above the 1% rise for the UK as a whole.
Over the last year, the average sale price of property in Oldham rose by £19,000 – putting the area 17th among the North West’s 39 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 19.5%, to £184,000. At the other end of the scale, properties in Allerdale gained 1.1% in value, giving an average price of £175,000.
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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.
First steps on the property ladder
First-time buyers in Oldham spent an average of £164,000 on their property – £16,000 more than a year ago, and £52,000 more than in June 2017.
By comparison, former owner-occupiers paid £203,000 on average in June – 23.6% more than first-time buyers.
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Owners of terraced houses saw the biggest rise in property prices in Oldham in June – they increased 2.3%, to £149,725 on average. Over the last year, prices rose by 10.8%.
Among other types of property:
Detached: up 1.4% monthly; up 13.3% annually; £326,533 averageSemi-detached: up 2.2% monthly; up 12.2% annually; £205,763 averageFlats: up 2.1% monthly; up 6.9% annually; £124,273 average
How do property prices in Oldham compare?
Buyers paid 13.8% less than the average price in the North West (£212,000) in June for a property in Oldham. Across the North West, property prices are lower than those across the UK, where the average cost £286,000.
The most expensive properties in the North West were in Trafford – £362,000 on average, and twice as much as more than in Oldham. Trafford properties cost three times as much as homes in Burnley (£120,000 average), at the other end of the scale.
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Factfile
Average property price in June
Oldham: £182,943The North West:£212,347UK: £286,397
Annual growth to June
Oldham: +11.3%The North West: +6.2%UK: +7.8%
Highest and lowest annual growth in the North West
St Helens: +19.5%Allerdale: +1.1%