Are you thinking of buying a property in Oldham? This article will give you an overview of the Oldham property market, including recent trends and predictions for 2023.
Oldham is a borough in Greater Manchester, England. It is bordered by the boroughs of Rochdale to the north, Bury to the south, and Saddleworth to the east. According to the 2011 census, Oldham had a population of 224,900
Here are some of the latest trends in Oldham’s property market and what they could mean for buyers in 2023.
The Demand for Rental Properties is Growing
The demand for rental properties in Oldham is growing as more people move to the borough. This is large because Oldham is close to Manchester, a popular city for young professionals. Investors are also taking advantage of this trend by buying properties in Oldham and renting them out.
House Prices are Rising
Due to the increasing demand for property in Oldham, house prices have been rising. The average home price in Oldham is now £180,048, an increase from last year. This trend is expected to continue in 2023 as more people move to the borough. This is good news for sellers, but it may make it difficult for first-time buyers to enter the market. If you’re considering buying a property in Oldham, it’s important to start saving now to afford the increasing prices.
More Families are Moving to Oldham
Oldham is becoming increasingly popular with families, as it offers good schools and a variety of leisure activities. As a result, the demand for family homes in Oldham is rising. This trend is expected to continue in 2023, and prices for family homes are predicted to rise.
The Oldham Property Market is Diverse
The Oldham property market is diverse, with various types of properties available. This includes traditional terraced houses, modern apartments, and detached houses. This diversity means that there is something for everyone in the Oldham property market.
How To Prepare for a Property Purchase in Oldham
If you’re considering buying a property in Oldham, there are a few things you need to do to prepare.
- Get Your Finances in Order: The first step is ensuring your finances are in order. This means getting a mortgage pre-approval and saving for a deposit.
- Do Your Research: The next step is to do your research on the Oldham property market. This includes finding out about recent trends and predictions and looking at different available properties.
- Find a Good Estate Agent: It’s also important to find a good estate agent who knows the Oldham property market. They will be able to help you find the right property and negotiate the best price.
- Be Prepared to Move Quickly: Once you’ve found the perfect property, you need to be prepared to move quickly. This is because the Oldham property market is very competitive, and properties often snap up quickly.
Following these steps will help you to prepare for a property purchase in Oldham and give you the best chance of finding your dream home.
How To Choose The Right Property In Oldham?
When looking for a property in Oldham, it’s essential to consider your needs and budget. You should also consider the type of property you want, as there is a wide range of properties available in the borough.
Also, ensure to consult Oldham property conveyancing services before you finalize the deal.
If you’re unsure what type of property you want, it’s a good idea to speak to a local estate agent. They will be able to advise you on the different kinds of properties available and help you find the right one for you.
Conclusion
The Oldham property market is growing in popularity, with more people moving to the borough. This is due to the fact that Oldham is close to Manchester, which is a popular city for young professionals. The demand for rental properties is also increasing as investors buy properties in Oldham and rent them out.
When searching for a property in Oldham, it’s important to keep an eye on the trends to make the most informed decision possible. By following these trends, you’ll be in a good position to find the right property for you in 2023.
