Whenever looking for a house for sale in the UK or in Oldham, it is vital you look at the market trends and house price fluctuations in the wider area of Greater Manchester too. House prices of houses for sale can change even among different streets very close to each other so, as a landlord, it would be a good idea to be familiar with the area of Oldham.
In this article, we will be looking at the city of Oldham in detail so you know how to navigate the area and have a better understanding on where to invest.
In Oldham, what are the rental yields?
If you’re buying a house for investment rather than for the reason to live in the house over time and use the house as a place to stay in the long term, there is a need to look at the rental yield figure to see if the house for sale you are considering to buy is a good investment or not.
This figure is usually looked at by investors as well as the rental income of the area, the sale turnover and the rent turnover.
The table below represents this data and compares Oldham to Greater Manchester and the broader suburb of the UK; North West.
|Average Yield||Average Asking rent||Turnover (rental)||Turnover (sale)|
Let’s assume you want to sell the house you’re looking to buy in Oldham for profit in the future, in this case, looking at the data for the number of houses sold per month in Oldham would give you an idea of whether the area is actively getting new investors. This figure is 204.
It is vital you be careful with this figure however as the data can suggest something that isn’t true in Oldham. To give an example, a lot of people buying new houses could also indicate there are a lot of new first time buyers in the area which would in fact drive down the rental yield.
The more people there are interested in renting, rather than buying, the more likely that area of the UK has high rental yields and hence investors like these areas to invest in to create a large amount of cash flow.
Is the housing market in Oldham growing?
Whenever you are thinking about looking for houses for sale in Oldham, think about how the city is growing and how this may impact the overall growth of the area.
Comparing the growth at different time periods would be a great way to assess whether the growth has slowed down, remained the same or perhaps stagnated over the years.
|1 year||3 years||5 years|
|Oldham growth rate||2%||21%||34%|
As the population of Oldham grows, this may also push up the price of the houses for sale. More people would be looking to buy homes and permanently live in the area. This demand helps a home appreciate. However, this isn’t always true because some cities build a lot of houses too to match the supply.
In general, for the city of Oldham, what are the final purchase prices for the houses for sale?
In Oldham, houses for sale are sold at an average of £163,977. In general, multiple factors impact this figure because lots of variables impact properties valuation. This can include the quality of the buildings in general, whether the population has grown, if there is demand for housing or if there is a low crime rate which would make the area more desirable.
In the table below, you can see for yourself how the average price of a house for sale looks based on the different sizes of housing in Oldham. The exact amount of variation between the types of housing depends on the local demand for particular types of houses in the area.
|Housing category||Total final sale price|
|Aerage sold price (detached)||£287,520|
|Aerage sold price (semi-detached)||£171,325|
|Aerage sold price (terraced)||£121,078|
|Aerage sold price (flat)||£109,253|
As you can see above, for Oldham, price varies based on the type of house that is being sold. If these prices shock you it could be due to population change in the last 10 years of 6% where lots of movement may inflate or deflate house prices.
|Housing category||Sale price per square foot|
|Aerage sold price/sqft||£1,850|
|Aerage sold price/sqft (new build)||£1,893|
|Aerage sold price/sqft (old stock)||£1,717|
Looking at the second table about Oldham, you are able to tell which type of housing is most affordable to you as a buyer. However, for a general overview of what house price is, the average price per square foot for a house in Oldham is £1,946.
In Oldham, what are the demographics like?
In Oldham, what is the social grade score?
Most of the time, the social grade score of a city is what it takes to determine what the economic levels are like as this score refers to what type of jobs the people of the area generally work as. So, from highly skilled, managerial roles, to the manual labour workers of the UK, how does Oldham compare?
At the highest end of the scale (A) jobs that are managerial administrative or professional are all lumped into this category. On the other hand, there is the lowest grade (E) where workers who are on benefits, state pensions or work casual jobs fall into.
In Oldham, the percentage of people who work in the two highest skilled categories of this scale (A and B) is 18%.
So you can compare this data, here is the estimated grouping of the social grades of the UK for the general population. Adding the two highest categories of A and B and comparing this percentage to the high social grade score which combines A and B should give you a good comparison.
|Social Score||Category||The proportion of the UK population (%)|
|A||Professional, managerial or administrative||4|
|B||Intermediate managerial or professional jobs||23|
|C1||Supervisory, junior managerial or professional jobs||29|
|C2||Skilled manual workers||21|
|D||Semi and unskilled manual workers||15|
|E||State pensioners, casual & lowest grade workers||8|
In the city of Oldham, has the population grown or shrunk?
Population growth in Oldham is important to know if there is housing demand and the total population may also be looked at as large populations commonly have a lot of buyer demand.
In Oldham, 280,901 people live in the city as their main place of residence.
It is important to note that it is not the case that everyone likes a large population to live in. People who tend to prefer a more relaxed life are more likely to buy or rent somewhere to live that has a small population and perhaps also wouldn’t mind if the population isn’t growing.
Other people also like to have a mix of both. Where they can visit rural areas and also benefit from the amenities of a busy city.
In Oldham in the previous five years, have population numbers transformed?
Five years may seem like a long time but it is rare for a city to grow that much unless there is dramatic population growth. In Oldham, this change has been 3%. Read more here
Someone who wishes to find out how this change has occurred over a longer period of time may also wish to read the headings below and see if the change has continued throughout the past decade too. Or if the change is only true for the more recent figure for five years of 3%. Click here to know more on the UK population trends.
Over the last decade, how has the population differed in Oldham?
Populations change all the time but if there is a clear change in population in the last ten years this is even more reliable data about the population of the area as opposed to five. This adjustment in population works out to be 6% in Oldham.
What this statistic is like in comparison to the population change in five years should provide you with a comprehensive understanding of what direction the population is heading in.
In recent years because of the pandemic, it is common to see dramatic differences in the population change in the last five years when comparing it to ten as people realise they can work from home but still keep the current jobs they have.
This means they can move to cities they wouldn’t have considered otherwise and be location-independent of their source of income. Perhaps making a longer commute into the office every week for example.
What’s crime like in Oldham?
For every one thousand people living in Oldham, 29 commits crimes and are prosecuted. Coming to a conclusion as to whether all the other factors of your house purchase like the house price justify this figure when contrasting it with the UK average of 79.52 is something you should do as a homeowner.
It could be that the crime rate is higher than you expected but there it is worth the population growth, appreciation of the house and worth the relative price you are purchasing the house for.
Nonetheless, the crime rate of 29 is not a statistic that should just be ignored as you could have to pay more for things like home insurance and install additional security on your house if the rate is particularly high.
Either way, burglaries are not something you would want to encounter in a house. Whether that be a house you are living in or a house you are renting out to tenants.
In Oldham, what are the deprivation levels like?
The number of people who are deprived can have an impact on the perception of your house in the general marketplace. Additionally, if you are looking for a house to live in for the long term, you can start to picture what your neighbours and the people in your area live like financially.
If the proportion of deprivation of Oldham is 31% and in general for the UK this figure is somewhere around 33%, you can see if this figure is something you are happy with as you search for a house to buy.
In Oldham, how educated are people in general?
In the city of Oldham, 20% of people have degrees. In general, as the number of people who are highly educated goes up, the more likely they are to have the ability to buy houses as their annual household income goes up too.
So you can see for yourself, the average income for the people of Oldham is £37,500. This generally goes up with the education level of the area. Additionally, looking at the difference between the proportion of people with degrees and the UK average for this statistic (22.6%) should give you an idea of the affluence and education of the city.
A higher education level can therefore tell you if the house prices are likely to be high as the higher income level often results in people buying a bigger, more valuable house.
Having said this, whale education level can be a good factor to go by, there are also things like the rental yields, the population growth and social grades scores that can impact the value of a house and whether it will go up in value as time goes on.
In the city of Oldham, is there a lot of green space?
In the city of Oldham, there are 11.5 acres of green space per 1000 residents.
The charity, ‘Fields in Trusts’ recommends a minimum of 6 acres of green space per 1000 people so it is easy to see where Oldham is when seeing if green space availability is sufficient. This green space could be parks, nature reserves, public gardens or playing fields.
Are the people in Oldham earning a lot?
While not always the case, the amount people earn can be associated with better schools in the area and perhaps a nicer environment to live in.
£37,500 is the average household income of the area. And the higher this figure is the more likely it is that there is a higher percentage of people with a social grade score in the A or B categories which is 18% for Oldham.
Oldham in the county of Greater Manchester is notable for its specific demographics and has individual characteristics.
For localised cities and the bigger areas of the UK there are wide variations in the demographics that shape an area so the same is also true for the wider region Oldham is located in; North West.
Below, these demographics are talked about in headings that explain how the city has grown, what the education levels are like in Oldham, what the social grade score of the city is like and if the green space matches the recommended levels people living in the UK should have.
What is the asking price on average of houses for sale in Oldham?
Average price of houses for sale in Oldham
|Average asking price (1 bed)||no relevant data for this city|
|Average asking price (2 bed)||£158,563|
|Average asking price (3 bed)||£229,403|
|Average asking price (4 bed)||£376,600|
|Average asking price (5 bed)||no relevant data for this city|
After looking at this table about prices of houses for sale in Oldham, someone who is buying a home would be able to know in great detail what kind of house for sale available on the market best suits the amount of money they are looking to invest. Also, using a more general figure like the average asking price per square foot of a property which is £758 will help them to have a more wholistic understanding.
Before a house gets sold, the figure it sells for always starts off as an asking price. This average asking price for the houses for sale in Oldham determines the eventual sale price of the house so it isn’t the most important figure but is still important to take note of. This figure is currently £225,687.
Below, there is a table showing the asking price of the different sizes of houses based on the number of bedrooms of the houses in Oldham.
Professional advice for houses for sale in Oldham
Thinking about other cities with houses for sale?
See here below a list of cities in the same UK region of Oldham which is North West. You might want to consider these as alternatives for your next real estate investment:
- Dalton-In-Furness in North West
- Airton in North West
- Eccles in North West
- Burtonwood in North West
- Halewood in North West
Or, visit our dedicated page on the houses for sale data for the whole of the UK – houses for sale in the UK.
Choose the right house for sale that suits your needs
When browsing houses for sale in Oldham you should think about lots of different criteria:
- House for sale affordability – visit the dedicated page of the UK government to understand (see what you can afford)
- Location of the house for sale – the region and town you are considering to live in are crucial factors to consider before looking for houses for sale. In this article, we define lots of demographic factors that should help you make a decision.
- House for sale transport links – even if working from home is becoming more and more predominant, we suggest you check the transport links the house for sale has.
- Number of bedrooms in the house for sale – are you looking for houses for sale for the whole family or are you single? Always think about how many bedrooms you need and if that number might change in the future
- energy performance of the house for sale – What is the EPC of the house for sale? Today more than ever, is important that you check the EPC rating of the real estate assets available for sale on the market.
- Internet speed in the area of the house for sale – is important to remember that internet speed is a consequence of two factors: your plan and the infrastructure available in the area. Always check these parameters before looking for houses for sale
- Does the house for sale have parking – if yes, is it on-street or is the house for sale equipped with a garage?
- Houses for sale in conservation areas – always check the National Heritage list. If a house for sale is part of this list it means that it might be impossible for you to make changes to the property’s internal and external structure.
- Houses for sale Conditions – some properties, like new builds, need no repairs or works; other houses listed for sale may need some investment to restore them and some others may need a complete renovation. Someone looking for houses for sale should always think about how much time and money they are willing to invest to complete the needed repairs.
Nowadays, there are so many properties on the real estate market that it can be difficult to decide which one is the best house for sale for you.
So, who can help you navigate the process of choosing a house for sale?
The number of professionals that offer real estate investors advice and assistance is broad and when it comes to dealing with houses for sale, the process can be complex.
Find here a list of those that can help when buying a house for sale:
- Moneylender – lends you the sum of money you need to buy the house for sale you are looking for
- Insurance agent – A firm that provides several insurances and protections for the house for sale that might become your future house
- Solicitor – A person or company that will sort out the legal work needed before buying a house for sale
- Civil engineer – Also called surveyor, he or she will provide you with an independent valuation of the house for sale you are willing to buy
- Mortgage advisor – Realistically, you will need a mortgage in order to afford to buy a house for sale. Mortgage advisors will guide you and propose the best mortgage deals based on your financial records
- EPC specialist – Especially nowadays, getting professional advice on the Energy Performance Certificate (EPC) of the house for sale you are considering buying is crucial