Oldham house prices stutter to get moving

House prices in Oldham are still 12 per cent lower than they were in 2007 — while the majority of the country have seen them rise.

Up until 2007 house prices across the UK continuously grew until the recession hit and then values fell.

Since then the price of property has started to rise again with homes in London now being 32 per cent higher than they were seven years ago.

Jonathan Fielding, Ryder and Dutton Oldham branch manager, said reasons behind the lack of growth in the borough are hard to find but said there is no reason to panic.

He said: “It is very difficult to say why it has not grown like other parts of the country but what is important to remember is that it is not just Oldham, a lot of other Northern towns are in a similar situation.”

Mr Fielding also said that he has seen reasons to be optimistic over the past year and that slowly but surely house prices are on the up in Oldham.

“The market up here has not yet caught up with the likes of London but I would say that the local market in Oldham is heading in the right direction.

“The market has generally improved in the last 12 months or so. There is definitely reason to be positive and it does seem to be gradually improving, however, generally, homes are less than their value in 2007.

Mr Fielding said recent improvements in the local market have been helped by the Help to Buy scheme — a Government initiative to support people with their move on to the property ladder.