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Oldham makes list of fastest-moving housing markets in England, says Rightmove

Manchester Evening News logo Manchester Evening News 07/07/2020 Saffron Otter
a close up of a busy city street: Oldham makes list of fastest-moving housing markets in England, says Rightmove © Manchester Evening News Oldham makes list of fastest-moving housing markets in England, says Rightmove

Property in Oldham and parts of Cheshire is being snapped up the quickest since house sales have been able to take place once more, according to Rightmove.

The local areas in and around Greater Manchester have made the property site's list of the fastest-moving housing markets in England, while houses in parts of central London have been the slowest to shift.

In Oldham, where the average asking price is £160,083, 43 percent of newly listed properties have found a buyer, putting the town in at ninth place.

The Midlands town of Willenhall has had the fastest-moving property market, according to the analysis, with Runcorn in Cheshire identified as the next fastest-moving property market.

With an average price tag of £139,140 in Runcorn, more than half have sold at 54 per cent, and in sixth place was Widnes, also in Cheshire, with 45 percent of properties sold with an average price of £170,298.

Damian Morris-Adams, managing director of Adams with branches in Runcorn and Widnes, said: “Our branches have seen exceptional activity levels since the housing market reopened. In June, we agreed 61 percent more sales than during the same period in 2019.”

Rightmove looked at areas in England where at least 100 new listings were added to its website between May 13 and July 1.

a flock of sheep in a city: A general view of Oldham © Getty Images A general view of Oldham

At the other end of the spectrum, properties in South Kensington and Paddington, where the average property price tag is £2million and £1.2 million respectively, homes have been the slowest to sell since restrictions around property sales which were put in place due to coronavirus eased.

In South Kensington, just four percent of houses have matched with a buyer.

Rightmove’s commercial director Miles Shipside said: “Space, gardens, new lifestyles and escaping big cities, that pretty much sums up what we’ve been seeing from buyer demand since the market reopened in England.

“I can’t see there being a mass exodus from the capital but it does look set to be much more challenging for sellers of more expensive properties in zone one and parts of zone two who are looking to sell quickly, as people instead look further out to the end of the Tube line to places like Walthamstow.

“The bounce back has been quite remarkable in many parts of the country, and agents in areas where new instructions are selling like hot cakes will likely have been struggling to cope with the demand, especially with safe viewing procedures also in place.”

Mr Shipside added: “Buyers bouncing back in big numbers means lenders are struggling to keep pace with demand.

“Families with equity already built up are in a much better position than a number of first-time buyers who are trying to find a mortgage deal they can afford, which is even more difficult if they’re looking to buy in one of the more expensive areas.”

Fastest-moving housing markets

Here are the fastest-moving markets in England, according to Rightmove, with the percentage of newly listed properties that have found a buyer and the average asking price:

1. Willenhall, West Midlands, 55pc, £171,506

2. Runcorn, Cheshire, 54pc, £139,140

3. Walthamstow, East London, 49pc, £492,755

4. Wallsend, Tyne and Wear, 46pc, £135,723

5. Wallasey, Merseyside, 46pc, £158,987

6. Widnes, Cheshire, 45pc, £170,298

7. Sutton-In-Ashfield, Nottinghamshire, 44pc, £152,818

8. Brockley, South East London, 44pc, £557,337

9. Oldham, Greater Manchester, 43pc, £160,083

10. Weymouth, Dorset, 43pc, £264,840

Slowest-moving housing markets

Here are the slowest-moving markets in England, according to Rightmove, with the percentage of newly listed properties that have found a buyer and the average asking price:

1. South Kensington, London, 4pc, £2,017,873

2. Paddington, London, 5pc, £1,204,045

3. Sunbury-On-Thames, Surrey, 6pc, £498,088

4. Notting Hill, London, 6pc, £1,196,460

5. Canary Wharf, London, 9pc, £626,611

6. Camden, London, 9pc, £1,169,052

7. Shoreditch, London, 9pc, £608,645

8. Hampstead, London, 9pc, £1,506,313

9. Windsor, Berkshire, 10pc, £569,027

10. Highgate, London, 11pc, £1,222,306

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