When considering property investment in Oldham, we must consider the North West of England as a whole. The North West has generally experienced a huge uplift in investment over the past few years, with property investment in Oldham being no exception. Nestled between the bustling cityscape of Manchester and the serene natural beauty of the Yorkshire countryside, Oldham paints a picture of a town awash with both character and charm.
An ideal locale for city slickers and country bumpkins alike, Oldham offers its residents the best of both worlds. Oldham is only 6.9 miles away from Manchester city centre and can be accessed via Manchester’s Metrolink (as well as other methods of public transport). Often described as the gateway to the peak district, Oldham sits just below a vast expanse of national park filled to the brim with spiralling summits and dense green foliage. It’s alright for some, eh?
An area recognised for its natural beauty, Oldham’s 28 parks have been judged to be among the best in the country. Dunwood Park and Alexandra Park in particular have been singled out as being Grade II listings by the English Heritage, each receiving the prestigious Green Flag Award. Natural beauty aside, like many places in the North West, Oldham is interspersed with great eateries and acclaimed local attractions. And, with the ever-increasing amount of investment being pooled into the local area, the number of attractions continues to be on the up. With investment in the North West being so prevalent, it only makes sense that we start to see a correlating increase in the amount of property investment Oldham has to offer.
A place well-known for its entrepreneurial tendencies, Oldham acts as a hub for many different business ventures. Oldham is home to over 6,000 businesses that span a large range of key sectors: manufacturing, construction, digital and creative are but to name a few. Like the rest of the UK, Oldham has experienced a sharp de-industrialisation since the mid-20th century, with cotton and engineering being usurped by healthcare and engineering services. At current the number of employed health service staff stands in excess of 12,800.
Not only does Oldham provide exceptional employment opportunities for professionals, it also provides the necessary practical tools needed to support a legitimate economic infrastructure (guess who has a thesaurus). As previously mentioned, Oldham offers its fair share of transportation links, making it one of the more accessible areas in Greater Manchester. Not only does this make the town an attractive prospect for industry-based professionals looking to commute to and from the city, it opens itself up to visitors on a national scale. The sharp increase in property investment Oldham is receiving then, can in part be attributed to the alluring career prospects presented by the area.
Whilst transport is obviously an important part to attracting new people to the area, it’s even more important that people have something worth visiting. Thanks to a landslide of investment in recent years, Oldham has embarked upon a long regeneration process - the result of which will see an increase in visitors and ultimately more residents. Through this regeneration process there will be an inevitable rise in prices of properties across the region.
With an anticipated rise in property value across the region, the level of property investment Oldham will receive can be expected to increase too. Whilst house prices in Oldham may at current fall below the national average, the area is providing solid rental yields - primarily due to the low cost of properties. In fact, over the course of five years (2010-2015) Oldham was consistently shortlisted in the top 10 for rental yields (4.98%).
Plans to implement a brand-new town centre will also inject an additional 60 million a year to the local economy, all the while creating an additional 700 jobs. There are of course, a number of investments already underway, such as a complete reimagining of the local town hall. This renovation will see the town hall turned into a modern cinema and restaurant complex. You can also expect a vibrant new cultural quarter, dutifully designed to display the region’s best and brightest achievements. This new barrage of development is also expected to bring a new Marks and Spencer’s to the town, creating an additional 800 homes and 150,000 sq ft of retail.
As the area continues to undertake new and exciting development projects, potential for property investment in Oldham will only increase. This, among other factors will make the area a more attractive commodity to buyers - especially young families and those looking to get on the property ladder.
You can discover the property investment opportunities throughout the Northwest, including Manchester, through The House Crowd’s peer to peer lending and crowdfunding products. Or, for more information, contact us today.