House prices increased by 0.9 per cent – 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 per cent over the last year.
The average Oldham house price in September was £186,623, Land Registry figures show – a 0.9 per cent increase on August.
Over the month, the picture was similar to that across the North West, where prices increased 0.6 per cent, 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 per cent, to £266,000. At the other end of the scale, properties in Barrow gained 3.6 per cent in value, giving an average price of £145,000.
An 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.
Nicky 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."
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 per cent more than first-time buyers.
Property types
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 per cent monthly; up 12.5 per cent annually; £332,695 average
Semi-detached: up 0.9 per cent monthly; up 11.6 per cent annually; £210,052 average
Flats: up 0 per cent monthly; up 7.6 per cent annually; £125,996 average
How do property prices in Oldham compare?
Buyers paid 14.8 per cent 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.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in September
Oldham: £186,623
North West: £219,005
UK: £294,559
Annual growth to September
Oldham: +11.1 per cent
North West: +9.1 per cent
UK: +9.5 per cent
Highest and lowest annual growth in the North West
Warrington: +20.4 per cent
Barrow: +3.6 per cent
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