Recent research has shown signs of a property boom around the UK, with some areas experiencing a sharp rise.
Unsurprisingly, properties in London experienced the biggest rise, growing at their fastest monthly rate since records began in 1995, with the average property now costing around £435,034.
Outside the capital, prices were rising fastest in Oldham, where property prices rose a huge 12.1%, making the average terraced property around £82,028. Semi-detached properties sold for an average price of £126,450, while detached properties fetched around £207,500.
Sold prices in Oldham have climbed up 3% from last year, however while the market is booming, the picture is bleak for first time buyers in Oldham who are faced with paying six times their annual income to buy their first home, according to a new poll. With house prices in Oldham predicted to increase by 24% by 2020, first time buyers will be struggling to find a deposit, with the average annual salary currently at £18,392.
The growth in Oldham and around the country could have been contributed to by the government-backed Help To Buy scheme, which was originally set up to support new homebuyers get a mortgage. The scheme was due to be extended at the end of the decade, but the recent statistics have prompted industry experts to call for the scheme to be scaled back.
Over 250 extra homes were built in Oldham in 2012 to facilitate the housing shortage, compared to just 10 the previous year.
Town hall bosses in Oldham say they are now pushing ahead with plans to develop more sites.
Dave Hibbert, Oldham Council’s Cabinet Member for Environment and Housing, stated: “This shows Oldham is becoming a more attractive place for people to live in.”
Peter Robinson & Co. are conveniently based in the town centre of Oldham. Our head office is located on 27 Queen Street in Oldham, ideal if you are based in the area. Our local knowledge of the area could definitely prove useful to your sale, however a personal knowledge of the area is not specifically required and we can provide conveyancing services throughout England and Wales.
Get in touch with Peter Robinson & Co. today for friendly, professional advice.