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Oldham can be a tough place to find accurate information like any city in the UK. Read on to learn about which data to stay on top of when looking at house for sale in Oldham.
On top of this, keep reading for detailed information on the demographics of Oldham in Greater Manchester. This is crucial in finding houses for sale in the UK, that are worth investing in for the long term too.
How are rental yields of the houses for sale different to the rest of the UK in Oldham?
Assuming you are not looking for a house for sale in a certain area because of private reasons such as being close to a family member or you have been relocated to a new office, these are some of the factors to consider in order to understand if an investment is worth your money.
Investors typically look at data such as the average rental yield, the average asking price of rent per month, rent turnover and sale turnover. These KPIs give property investors a solid idea of how the market is performing in that area.
For the city of Oldham, the below table demonstrates this well. To make things simple, it compares these numbers to the wider region of the UK; North West. As well as Greater Manchester, to give a smaller scale area to compare the data to.
| Average Yield | Average Asking rent | Turnover (rental) | Turnover (sale) | |
|---|---|---|---|---|
| Oldham | £0 | £884 | £0 | £0 |
| Greater Manchester | 4.70% | £930.05 | 128.44% | 21.10% |
| North West | 0.04 | 807.60 | £1 | 20.19% |
Assuming that in the future you want to re-sell the house you will eventually purchased in Oldham you might be interested in the number of sales per month (12) that happen in the local housing market. Comparing this figure for Oldham with the above table gives you a good understanding of the profitability of the area.
In Oldham, how has the number of houses changed?
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.
houses for sale in other cities and regions in the UK
If you are looking for similar places to buy a house that are just like Oldham, examine this short list of cities below from outside of the region of North West for some inspiration.
- balmullo in North West
- biggar in North West
- almeley in North West
- belhaven in North West
- auchtermuchty in North West
If none of these suit your interest, we suggest you visit our page with all of the relevant data concerning houses for sale in the UK, allowing you to buy the right property.
Or, consider buying a leasehold property instead which may be cheaper. However, you will also have to learn what will happen when a leasehold expires so you know how to deal with this side of the law.
Finding the ideal house for sale for you
Criterias that have an impact on the actual price of a house for sale have been listed here below. Consider them all to find the perfect houses for sale in Oldham.
- Affordability – check this article from the UK government to find out (see what house for sale you can afford)
- Location – if the house for sale is in the city centre rather than further out, this may be why it is more expensive than the market average.
- Transports near the house for sale – Being able to use public transports is a huge plus for a house, especially in big cities. This will have an impact on the price as well.
- Bedrooms – the more bedrooms there are in a house for sale, the more tenants a buy to let investors will be able to host, therefore, realistically the price will also increase.
- EPC of the house for sale – today more than ever, the energy performance of properties for sale on the market should be one of the first things you check.
- Wi-Fi speed – We recommend you check the internet plans available for the areas where you are considering to buy a house for sale
- Are you a motorist? – If yes, filter out your searches and compare prices of houses for sale with parking availability. Remember, a car parking space can cost as much as £400 per month
- Conditions of the house for sale – New builds and properties that were recently built usually need little to no repairs; instead, other houses for sale may require consistent or structural maintenance. These investments that can be both expensive and laborious to complete. Before making your offer for a house for sale you should always carefully assess this criteria.
In general, what do houses for sale sell for in Oldham?
For the city of Oldham, the average price a house sells for is £163,977. This value usually depends on the exact location of the house within Oldham as well as other factors like the population growth which is 6% over a ten-year period.
| 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 |
The above table puts this figure into perspective as you can see the various average sale prices of a house for the specific type of house you’re most interested in. This comparison is important because the type of house you’re considering to buy may be more or less in demand based on variations in supply and demand in the city of Oldham.
| 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 |
Generalising the bottom table, the average value per square foot of a house for sale is £1,946. This value averages all of the types of houses for sale in Oldham. So, if you’re not sure what type of house you want specifically, you can still get an idea of the real estate market of Oldham.
Bear in mind that if you are a landlord looking to buy a property to rent, you will also run into other expenses like letting agent fees and the cost of listing your property for sale on Rightmove in your city.
On average, what is the figure for the asking price of a house for sale in Oldham?
As you go ahead and make offers on a house for sale, it is sometimes best to know what other people are offering for the same type of house for sale so you know what to offer yourself to get a good deal. So you should know, the average asking price of Oldham is £225,687.
Even though the asking price is not what the eventual price the house is sold at, making a note of the averages for the city of Oldham is useful when negotiating and knowing what to expect for every type of house for sale.
In the city of Oldham, what is the average asking price for the houses for sale?
| 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 have a detailed understanding of what kind of house for sale is available on the market that 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 holistic understanding.
What are the demographics like in the city of Oldham?
What is the city of Oldham’s social grade score?
In the city of Oldham, the social grade score of the area is 18%. But what does this exactly mean? The figure refers to the proportion of people in the two highest categories of skilled jobs.
The categories are grouped from A to E shown in the table below. Overall, a high social grade score means there are more affluent people working in managerial and professional roles in the area.
This table shows the average breakdown of the UK in terms of where most people in the UK are working so you can compare it to the social grade score of Oldham.
| 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 |
How educated are the people in Oldham?
Interestingly, the percentage of people who have a degree in the city of Oldham is 20%. Most of the time, the more people that have a degree, the higher the average household income and the more likely someone is to be able to afford to purchase a house. For example, the average income of the citizens in the area of Oldham is £37,500.00.
Generally, areas with high numbers of people with a degree are also areas with more people likely to be home owners and therefore the value of houses and relative prices of the houses for sale are more likely to go up too.
Nonetheless, making predictions about the appreciation of a house also has to be considered alongside other factors like population growth and the rental yields of the area.
However, most of the time, being educated is a good indication of affluence with 82% of people graded a first in tertiary education going on to eventually own a house.
In Oldham, what are the deprivation levels like?
Deprivation levels refer to the ability of the population of the city to earn enough to keep their lifestyle going. Nationwide, it is thought that the number of people at this level or not being able to meet the costs of living is around 33%. In comparison, the deprivation level of Oldham is £0.
Do the people of Oldham get to enjoy green space?
Whether you view green space in Oldham as important to you as a homeowner is up to your personal preferences. Having said this, there is a clear benefit on the overall health of people who live near green space as the government has stated keeping green space in proximity to people is one of the biggest factors for combating obesity.
In Oldham, the number of acres of green space for every 1000 people currently is 12 which can be measured against the UK average of 1.7.
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.
In Oldham, what is the crime rate?
The crime rate of Oldham must be looked at sceptically. The reason for this is that the crime rate can vary within a city greatly and the type of crime committed can also vary too.
For example, the area has a crime rate of 2900%, but another city may have a higher crime rate but not be deemed as dangerous due to lower level crime or minor offences being committed.
Either way, high crime rates are never a good sign so consider the rate against the UK average of 79.52 for every 1000 people as a benchmark.
Lower rates could mean things like home insurance is cheaper and you have to install fewer security measures throughout your house. Saving you money in the long run. So the statistic of crime rate (2900%) is both useful and is recommended to be compared to the average.
What does the population of Oldham look like?
Whenever there is a population change this can impact the demand for housing and hence the appreciation of properties too. The total population of Oldham if 280901 and in the below heading how this population has changed will be broken down.
Like most data to do with houses, all data has to be considered holistically with multiple variables to determine if the population growth actually impacts the statistics that matter to you as a landlord in Oldham such as rental yield or house appreciation.
How has the population size of Oldham adjusted in the last 5 years?
In the previous five years there has been a change in the number of people of Oldham by 3%. Analysing this figure is a great way to tell if there is new demand for housing or not as a decreasing figure reduces the number of people who want to buy houses. Read more here
To compare this figure over a greater period of time, you could look at the figure for the 1 year population too and compare them. This way you can see if the population has changed recently or if this 3% change has historically occurred before. Click here to know more on the UK population trends.
Over the last 10 years, how has the population size adjusted in Oldham?
In the last decade, the population of Oldham has been adjusted by 6%. This growth may be as a result of factors like new industries employing people or emigration and immigration balancing out to create this population change.
A precedent that shows population change in this way over decades is the region of Greater London. The capital city has grown by 27% in the past 20 years. Population growth has caused house prices to go up to price523,666 on average.
How much do people in Oldham earn?
You may be wondering what the amount people earn has to do with house price. Well, house prices generally go up as people earn more not just because they can afford more valuable properties but also because good areas generally attract more desirable infrastructure. For reference, the average household income is £37,500.00.
This may be better schools, doctors and areas with lower crime rates. This results in a snowball effect which polarises different areas further, increasing the demand for housing in richer areas by a greater amount. And increasing the proportion of people with high social grade scores. For Oldham this figure is 18%.
Get professional help on the houses for sale in Oldham
In today’s market with an abundance of homes available for sale, choosing the best house for sale can be challenging.
With several houses for sale to choose from, who will guide you through the process of choosing?
We have listed here below several experts and companies able to advise and support potential buyers.
The process of finding and investing in a house for sale can be lengthy and time-consuming, this is why we suggest you consult with the following professionals:
- Banks – Lend you the cash
- Insurance companies – Insure your new real estate investment
- Conveyancer – handles all the legal labour that is needed to proceed in buying a house for sale.
- Surveyor – Carries out an independent and complete property valuation of the house for sale
- Mortgage advisor – If you are thinking to get a mortgage to get the finances needed to afford to buy a house for sale, a mortgage advisor is the person you should be looking for
- EPC person – Always get a quote on the Energy Performance Certificate of the houses for sale listed in a certain city
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