Property hunters have interest in one borough in particular – and homes are in hot demand
There are two Greater Manchester area which are proving to be emerging hotspots with estate agents having seen an rapid increase of interest. Purplebricks has recorded a high number of house hunters keen to view, put offers in and buy homes quickly in both OL8 and OL9 postcodes. These are both areas of Oldham.
Due to a high number of people enquiring about homes in these areas, many estate agents have had to arrange open days for multiple people to view the homes at once. Last month, three separate properties had between 17 to 24 offers put in the same day with offers submitted at premiums to the asking price.
In OL8 which includes the areas of Bardsley, Fitton Hill, Hollins, Hathershaw, Limeside and Oldham homes have sold for an average of £133,700 over the last year, which is up by 12% on the previous year. The most popular homes to buy here are terraced houses, according to Rightmove.
Oldham OL8 postcode
Robert Herring, sales director for Esper Wealth explains: “One of the main drivers of OL8 is the low comparatively low prices of the area compared to surrounding areas. This affordability coupled with good local amenities is proving to be a draw to families.”
The area benefits from plenty of public green spaces with parks such as Alexandra, Werneth and Manor. The postcode also borders the Daisy Nook Country Park and River Medlock.
“OL8 is home to the highly rated Hulme Grammar School, as well as a selection of other commendable schools and academies. There are various transport links with easy access to the motorway networks and 91.3% of homes in the area are within a 200m walk of public transport.”
Purplebricks put a three-bed terraced home on Fir Tree Avenue in Fitton Hill on the market on February 8 with an open day scheduled for February 26. There were no viewings before the open day, but 24 househunters put in offers and the property sold on the day for above the asking price.
The estate agents also listed a two-bed semi-detached property on St Martins Road in Fitton Hill for sale on 19th February, with an open day arranged for March 2. The open day filled in one day, the home had 17 offers from keen buyers and sold above the asking price.
Oldham OL9 postcode
In the OL9 postcode, which makes up Chadderton, Oldham, Westwood and Freehold, the average house price is £181,000, which is up 8% on the previous year. The majority of sales in these area are semi-detached homes which tend to sell for around £194,000.
Purplebricks put a three-bed semi-detached house on Briarmere Walk in Chadderton on the market on February 18. On the open day on March 1 it had 19 offers and also sold for more than the sellers were asking due to its popularity.
Paul Renton, Local Property Partner at Purplebricks said, “OL9 is popular because of the proximity to the M60, links to motorway networks and transport links. With easy access into Manchester city centre, as well the affordability of properties and reputation of the local schools, OL9 is a popular postcode.
“There is major redevelopment going ahead in the Foxdenton area, which is located just two miles from Oldham town centre. The development work is set to deliver up to 500 new homes, around 700,000 sq ft of office, business and industrial space, and a 25 acre park, along with scenic footpaths and cycle routes.”
There is currently a Housing Stampede in the Northwest where demand far outweighs supply. This should drive capital appreciation in the area. We also consider Birmingham to be a great place to invest. You can find out why in the article Esper Wealth Enters Birmingham Property Market