The average house price in Rochdale is the lowest in Greater Manchester.
Buyers can snap up a home for an average of £118,498 compared with £120,856 in neighbouring Oldham, which has the second lowest prices.
The highest average prices in Greater Manchester can be found in Trafford, where home buyers can expect to pay around £273,546.
In Rochdale prices have fallen on a quarterly basis by 11.5 per cent but on average they have risen over the last year by two per cent.
The borough has also rated the second lowest in Greater Manchester for the average number of property sales - 337 were sold from January to March this year.
Neighbouring Bury had the lowest number of property sales with 324 and the highest was 940 in Manchester city centre.
In Rochdale a flat costs an average of £82,447, a terraced home £89,848, a semi-detached house £123,972 and a detached house £235,426 according to figures provided by the Land Registry of England and Wales. The UK average house price is £234,837 - up by 18 per cent annually and 6.8 per cent quarterly.
Shaun Edmondson, marketing director of Andrew Kelly and Associates property services, said: "We have seen an upturn in valuations, people registering, viewings and offers but from a very low base.
"We are still a long way from the top of the market but it is nice to see something positive. Rochdale has suffered over the last five years and it seems that some areas are recovering better than others.
Things have been bad but the market seems to be returning to normal."
Ian Tweedley of Barton and Kendal said: “Investors bought in bulk which resulted in a number of repossesions which have now driven prices down.
“Unfortunately, there is very little activity at the higher end of the market.
“At the lower end of the market, some ex local authority flats are now only achieving £30 - £50,000 and this is having an overall effect on the average price of flats/apartments in Rochdale
“It is our opinion that due to the economic climate, property prices may not rise significantly over the next couple of years.”
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Could to see that the two estate agents interviewed are on the same wavelength - not!!! How can they be so far apart? Who is telling the truth?
What we do know is that unemployment affects the housing market. We have the worst unemployment of any borough in Greater Manchester or Lancashire. So that affects the market and local confidence. And there is no sign of any new white collar jobs being created either and that affects the higher end of the market. Rochdale has never had high house prices compared to other areas in the region, but it has never ever been bottom of the pile. Another statistic that we didn't want!!!
Nobody wants to to live there thats why houses are going cheap.
So, the average house in Rochdale would require a deposit of some £16,000 and, an income of some £33,000 if one was to take out an affordable, sensible mortgage, at a traditional 3.5 times earnings.
Somehow I do not see the jobs and the economy locally either now or indeed in the future to support these prices and I expect to see price falls of 40-60% over the next four years.
This however has the positive aspect of enabling a wider participation in home ownership and more families escaping short term private tenancys. Such price falls would wipe out a lot of unprofessional buy to let landlords and free up council housing (I would move for one...I live council not because I can not afford better, but because it is a secure tenancy, something not available in the private sector.)
Anybody who purchased before the bubble , or fraud years and had not remortgaged for a new BMW X5, cruise or similar would be safe from negative equity.
As I have clearly demonstrated, large price falls are not only inevitable, they could also have a positive impact on the town and our community.
The property bubble will sadly not burst fully however without reform of the financial sector, increased tenants rights and security of tenure, and a complete overhall of the failure called the benefits system, currently paying 6% mortgage interest on many hundreds of homes in the Rochdale area belonging to hard working families.
I suggest anybody thinking high house prices are good for the town looks at some basic economics, it does not matter what it is worth, if nobody can afford to buy it!
The young cant afford to get buy, and as this new coalition government seems prepared to prop up prices at any costs, this situation is not going to improve.
High house prices are not good. Bettchya this does not get published!!!!
Not many stories in this property section is there?
Is the market a little slack currently? I wonder why that could be.
ROFL.