House prices increased by 2.1 per cent in Oldham in June, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11.3 per cent over the last year.

The average Oldham house price in June was £182,943, Land Registry figures show – a 2.1 per cent increase on May.

Over the month, the picture was similar to that across the North West, where prices increased 2.1 per cent, and Oldham was above the one per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Oldham rose by £19,000 – putting the area 17th among the North West’s 39 local authorities with price data for annual growth.

The highest annual growth in the region was in St Helens, where property prices increased on average by 19.5 per cent, to £184,000.

At the other end of the scale, properties in Allerdale gained 1.1 per cent in value, giving an average price of £175,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First-time buyers 

First-time buyers in Oldham spent an average of £164,000 on their property – £16,000 more than a year ago, and £52,000 more than in June 2017.

By comparison, former owner-occupiers paid £203,000 on average in June – 23.6 per cent more than first-time buyers.

Property types

Owners of terraced houses saw the biggest rise in property prices in Oldham in June – they increased 2.3 per cent, to £149,725 on average.

Over the last year, prices rose by 10.8 per cent.

Among other types of property:

Detached: up 1.4 per cent monthly; up 13.3 per cent annually; £326,533 average

Semi-detached: up 2.2 per cent monthly; up 12.2 per cent annually; £205,763 average

Flats: up 2.1 per cent monthly; up 6.9 per cent annually; £124,273 average

How do property prices in Oldham compare?

Buyers paid 13.8 per cent less than the average price in the North West (£212,000) in June for a property in Oldham.

Across the North West, property prices are lower than those across the UK, where the average cost £286,000.

The most expensive properties in the North West were in Trafford – £362,000 on average, and twice as much as more than in Oldham.

Trafford properties cost three times as much as homes in Burnley (£120,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.