OLDHAM real estate agents have predicted that there will be no crash in the housing market despite rising inflation.
Alistair Stevens, owner of Alistair Stevens Estate and Letting Agents which has offices in Royton and Chadderton, said: ‘I don’t think we’ll see prices go down and the only increase will come with inflation, but I don’t think that we’ll have an increase anywhere near what we’ve had in the past two years.
Discussing the rise in property prices, Alistair said: ‘All three and four bed rooms have gone up more because there is a shortage of family homes.
“When we opened in 2013 there were 500 properties available in the OL2 postcode so far there are 147 and it has been as low as 99 – a massive shortage.”
Reflecting on the reason for the shortage, Alistair said: “There is uncertainty with Brexit, which slowed the market down and then Covid hit and fewer houses came up for sale because people didn’t want people visit their homes.
“During the pandemic and the uncertainty that then caused people to be reluctant to commit to buying and selling properties, instead there are a large number of people spending money on their homes. , expand and renovate them.”
He added: “The housing market only looks buoyant because there is such a shortage of property.
“What I hope is that there will be a steady slight increase in the number of houses available and that the market will stabilize.
“It may seem to some that it crashed because they were too expensive.”
Tony Boardman, manager of the Oldham branch of Ryder & Dutton, is optimistic about the housing market.
He said: “The Oldham property market continues to perform exceptionally well and there are no signs of rising inflation or rising interest rates changing that.
“Properties coming to market with us always sell extremely quickly and most go above asking price, demonstrating continued strong buyer demand.
“Now is the perfect time to buy from Oldham as I believe prices will continue to rise over the course of 2022.
“Even if interest rates go up in the coming months, they remain at historically low levels and mortgage rates remain competitive.
“Demand always far outstrips supply in Oldham, so my advice to buyers would be if you see a house you like, be prepared to move quickly if you want to secure it.”