OL8 (Oldham) area guide
The OL8 postcode district lies within or includes part of the following towns, counties, localities, electoral wards and stations: Alexandra, Bardsley, Chadderton South, Coldhurst, Failsworth East, Hawksley Industrial Estate, Hollinwood, Medlock Vale, Oldham, St Mary's, Werneth.
A Mouseprice property guide for OL8 Oldham is coming soon. In the meantime, please have a look at the raw data and statistics about OL8 that can be found by click the relevant links on the left hand side.
Old area guide:
The commentary below was written for the mouseprice.com website in 2006, please be aware that the comments below might be out of date. We recommend disregarding these comments in favour of the data that can be found either above or in the other sections of this website.
The size of the property market in OL8 is 15285 homes.
When compared against a national average compound annual growth rate (CAGR) over the last 5 years of 12.5%, the growth in this postcode district has been 13.5%. This could well be because this is a dynamic local economy and housing market. Property price growth in this area has significantly exceeded growth in earnings and the national average house price growth, and so the likelihood of it continuing will be dependent upon price earnings ratio, as well as investment by developers and local authorities in continually upgrading local infrastructure, schools, in addition to the continued strength of the local and national economies and any other economies upon which the area depends.
The average property in this postcode district was valued at £77940 over the last 3 months.
Since most banks lend money to buy property using their customers’ salary as a indicator of affordability, the price earnings ratio is a useful guide as to whether property in an area is expensive or not. Price Earnings Ratio in this postcode district is 2.7. These areas often represent opportunities for substantial property price appreciation. It suggests that a number of people have moved into an area who bring with them spending power to renovate old housing stock as well as increases in property prices as demand increases once gentrification has begun.
New transactions as a percentage of overall sales are 8.8%.
Over half of the properties in the area are Terraced Houses, at 50.4% of the total housing stock.
Detached Houses account for the lowest percentage of the housing stock in this district, at only 5.9%.
The property in this area caters well for retirees and young couples who do not have large families.
A high proportion of property in this area is socially rented.
The majority of property in this area is owner occupied.
The average price of a two bed property in this area is £96123, significantly less then the national average of £187894.
Who lives here:
The population of this postcode district is 36448.
The average age in this area is 33.
Single people make up 31.2% of the population in this postcode district.
Average working hours in this area for men are 40 and for women are 31.
This area has 36.1 people per square kilometre.
The largest source of work in this area is Wholesale & Retail (23.3% of workers), followed by Construction (23%).
OL8 borders the centre of Oldham, and is a suburb on the north eastern edge of Manchester, close to both the city centre (of Manchester) and the M60 motorway. Like Manchester, Oldham rose to prominence during the 19th century Industrial Revolution as an international centre of textile manufacture.
The proximity to Manchester combined with character of Oldham has resulted in lots of new housing developments. It is also close to Royal Oldham Hospital.