Oldham house prices increased more than North West average in September
House prices increased by 0.9% – more than the average for the North West – in Oldham in September, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.1% over the last year.
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Hide AdThe average Oldham house price in September was £186,623, Land Registry figures show – a 0.9% increase on August.
Over the month, the picture was similar to that across the North West, where prices increased 0.6%, and Oldham was above the UK as a whole, where prices did not change.
Over the last year, the average sale price of property in Oldham rose by £19,000 – putting the area 28th among the North West’s 39 local authorities with price data for annual growth.
The highest annual growth in the region was in Warrington, where property prices increased on average by 20.4%, to £266,000. At the other end of the scale, properties in Barrow gained 3.6% in value, giving an average price of £145,000.
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Hide AdAn imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.
But typical property values stalled across the UK between August and September, which caused annual growth to slow.
Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".
The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.
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Hide AdNicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."
“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.
First steps on the property ladder
First-time buyers in Oldham spent an average of £168,000 on their property – £17,000 more than a year ago, and £53,000 more than in September 2017.
By comparison, former owner-occupiers paid £207,000 on average in September – 23.7% more than first-time buyers.
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Owners of terraced houses saw the biggest rise in property prices in Oldham in September – they increased 1%, to £152,849 on average. Over the last year, prices rose by 10.9%.
Among other types of property:
Detached: up 0.9% monthly; up 12.5% annually; £332,695 averageSemi-detached: up 0.9% monthly; up 11.6% annually; £210,052 averageFlats: up 0% monthly; up 7.6% annually; £125,996 average
How do property prices in Oldham compare?
Buyers paid 14.8% less than the average price in the North West (£219,000) in September for a property in Oldham. Across the North West, property prices are lower than those across the UK, where the average cost £295,000.
The most expensive properties in the North West were in Trafford – £373,000 on average, and twice as much as more than in Oldham. Trafford properties cost 3.2 times as much as homes in Burnley (£117,000 average), at the other end of the scale.
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Factfile
Average property price in September
Oldham: £186,623The North West:£219,005UK: £294,559
Annual growth to September
Oldham: +11.1%The North West: +9.1%UK: +9.5%
Highest and lowest annual growth in the North West
Warrington: +20.4%Barrow: +3.6%