New figures by Zoopla Property Group show house price growth in Oldham sits in line with Manchester, but marginally above the national average rate.

Zoopla’s House Price Index (HPI) pins Greater Manchester as a hub for strong price growth when compared to other major cities.

Warrington, Wigan and Rochdale have all experienced double-digit price growth in the last 12 months at +12.3 per cent, +12.2 per cent and +11.8 per cent respectively.

Meanwhile, the data for Oldham shows house price growth is currently sitting at 9.3 per cent, broadly, in line with the 9.5 per cent figure seen in Manchester but marginally above the 8.3 per cent UK average.

Gráinne Gilmore, head of research at Zoopla, said: “This is partly explained by the relative affordability of housing in the region in comparison to other parts of the country”.

Yet the national picture is not so positive.

House prices have rocketed by an average £29,000 since March 2020 – and 4.3 million homes will be pushed into a higher stamp duty bracket.

What this means is that prospective buyers and those attempting to get onto the property ladder for the first time will be faced with higher taxes and costs, all while grappling with the cost-of-living crisis.

It is estimated first-time buyers will need an additional £4,000 for a deposit and another £5,000 in annual income to lock in a mortgage.

These figures alone far outstrip the increase in annual earnings which sits at an average £2,704 across the country.

Ms Gilmore said: “While homeowners who make a move will see the benefit from increased property values when they sell, new entrants to the market will have to find additional finance to fund a move - meaning the reliance on the ‘Bank of Mum and Dad’ is likely to increase among first-time buyers.

“It also highlights the importance of first-time buyers having access to mortgage deals with smaller deposit requirements if they can meet the criteria for all other aspects of a mortgage loan.  

“However, for some buyers there is good news as we have identified areas where there has been a notable rise in the supply of homes being listed for sale in the last month - giving potential purchasers more choice in areas such as Pendle in the North West, Elmbridge in the South East and the new city of Southend-on-Sea on the East England coast.”