Oldham house prices increased slightly in January

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased slightly, by 0.4%, in Oldham in January, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.2% annual growth.

The average Oldham house price in January was £177,468, Land Registry figures show – a 0.4% increase on December.

Over the month, the picture was better than that across the North West, where prices decreased 0.3%.

Over the last year, the average sale price of property in Oldham rose by £19,000 – putting the area 16th among the North West’s 39 local authorities with price data for annual growth.

The best annual growth in the region was in Tameside, where property prices increased on average by 19.1%, to £200,000. At the other end of the scale, properties in Allerdale gained just 2.5% in value, giving an average price of £170,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Oldham in January – they increased 0.6%, to £144,440 on average. Over the last year, prices rose by 11.7%.

Among other types of property:

Detached: up 0% monthly; up 15.7% annually; £321,769 averageSemi-detached: up 0.5% monthly; up 12.7% annually; £199,573 averageFlats: down 0.7% monthly; up 7.6% annually; £121,309 average

First steps on the property ladder

First-time buyers in Oldham spent an average of £159,000 on their property – £17,000 more than a year ago, and £49,000 more than in January 2017.

By comparison, former owner-occupiers paid £198,000 on average in January – 24.6% more than first-time buyers.

How do property prices in Oldham compare?

Buyers paid 11.2% less than the average price in the North West (£200,000) in January for a property in Oldham. Across the North West, property prices are lower than those across the UK, where the average cost £274,000.

The most expensive properties in the North West were in Trafford – £347,000 on average, and twice as much as more than in Oldham. Trafford properties cost 3.1 times as much as homes in Burnley (£110,000 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 January

Oldham: £177,468The North West:£199,791UK: £273,762

Annual growth to January

Oldham: +12.2%The North West: +9.6%UK: +9.6%

Best and worst annual growth in the North West

Tameside: +19.1%Allerdale: +2.5%