New figures convey the picture for first-time buyers and average house prices in Oldham as of May 2022.

Land Registry figures show Oldham house prices dropped by 0.5 per cent in May, which was more than the average for the North West.

The average price of a house in Oldham was £180,048 – a 0.5 per cent decrease from April.

Although the picture was similar to that across the North West region, where homes decreased 0.2 per cent, Oldham was lower than the 1.2 per cent rise for the UK as a whole.

However, the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 10.7 per cent over the last year.

Over the last 12 months, the average sale price of a property in Oldham rose by £17,000 – placing the area 23rd among the North West’s 39 local authorities with price data for annual growth.

The area with the highest annual growth in the region was Knowsley where property prices increased on average by 20.5 per cent to £177,000.

Meanwhile, properties in Allerdale remained level at £169,000.

Still, Oldham buyers paid 12.5 per cent less than the average price for a property in the North West which currently sits at an average cost of £206,000.

However, property prices in the North West are still lower than those across the UK where the average cost to buy a home is £283,000.

The most expensive place to buy a home in the region was Trafford where homes are an average £353,000 – twice as much more than in Oldham.

Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year.

"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."

The imbalance between supply and demand for properties is believed to be the main factor behind rising house prices across the country and throughout the pandemic.

However, activity is now beginning to stall as inflation puts household budgets under pressure.

For those getting their foot on the property ladder, first-time buyers spent an average £162,000 on their property in Oldham in the year to May 2022, which is £15,000 more than a year ago and £51,000 more than in May 2017.

Meanwhile, former owner-occupiers paid £200,000 on average in May – 23.6 per cent more than first-time buyers.

Oldham homeowners of detached houses saw the biggest fall in property prices in May, dropping by one per cent in price to an average of £322,108.

Yet over the last year, prices rose by 12.5 per cent.