In the midst of the cost-of-living crisis and soaring mortgage rates, one Greater Manchester borough is proving to be in high demand. House hunters who are searching for a more affordable place to live have been flocking to Rochdale over the last year, causing a sudden surge of buyers in the area.
Whilst house prices have been rising across Greater Manchester as a whole, demand in Rochdale has caused prices to climb faster than anywhere else in the region. In April 2022, the average cost of a home here was £176,900, but in the space of a year, this has now jumped up by almost 10 percent to £194,500.
Despite house prices rising fast, the sought-after borough is still considered to be one of the cheapest areas to live in comparison to Manchester, Stockport and Trafford - where the average property costs as much as £362,500.
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Estate agents say that the borough, which covers towns including Middleton, Heywood, Milnrow and Littleborough, is attracting an influx of buyers more recently, thanks to investment in the Rochdale town centre which has made it a more 'desirable' place to live.
"Prices in Rochdale have historically lagged behind other areas due to a lack of investment in the town. Over the last five to 10 years though, we’ve finally seen a huge amount of investment and the town centre has been completely revamped, which has made Rochdale a much more desirable place to live," said Kris Street, manager of estate agent Ryder & Dutton’s Rochdale branch.
"There’s a new shopping centre in the town centre, and a Hilton hotel and new apartments are being built next door. The town also has a nice selection of eateries, independent bars and boutique shops across different areas.
"The transport networks here are excellent, with the train and motorway networks providing easy access to Manchester, Leeds and neighbouring towns."
Kris added: "The tram network is now here too, providing another route into Manchester and making getting to neighbouring towns like Oldham and Shaw much easier, which has attracted more buyers.
"Schools in Rochdale are also well regarded, and the town has some good high schools and excellent primaries."
The estate agent says that despite some areas seeing a decline in buyer activity, the market has been particularly strong in the last year.
"Buyer activity has been strong over the past 12 months and remains strong despite current uncertainty in the market," Kris said.
"We’ve just sold one property listed at £485,000 for £520,000 after receiving 10 offers on it."
According to HM Land Registry, the majority of sales in Rochdale during the last year were terraced properties, selling for an average price of £146,594. Semi-detached properties sold for an average of £200,053, with detached properties fetching £341,130.
"Rochdale is a medium sized town that boasts a lot of different property types to suit a range of buyers," Kris added.
"Its large stock of terraces attracts investors, and the more rural areas and modern, suburban developments attract a lot of families.
"The town also has a lot of affordable starter homes, and new developments where developers offer incentives to attract first-time buyers, so lots of people take their first step onto the property ladder here."
The estate agents say that the former mill town of Castleton is proving to be particularly popular with buyers who are being priced out of Manchester.
"In places like Castleton, which is just 15 minutes away from Manchester on the train, we’ve definitely seen a rise in the number of people moving in from places like the city centre and Salford as it’s much more affordable," said Kris.
Rochdale is also known for its stunning moors and outdoor spaces including Hollingworth Lake and Healey Dell, which make it an attractive place for those wanting a rural escape.
"Popular areas right now are Littleborough, Milnrow and Newhey which are on the outskirts of the borough," the estate agent said.
"These areas boast lots of green spaces and are close to natural beauty spots, including Hollingworth Lake, Healey Dell Nature Reserve, Watergrove Reservoir and Greenbooth Reservoir."
Rochdale also looks set to enjoy a welcome economic boost this summer thanks to a big influx of tourists heading there this year.
Expected occupancy levels are already 70 percent higher in July and August compared to the same time in 2022, latest analysis from Key Data has revealed
The rental data specialists say that the rise in demand could be down to a number of factors, including Rochdale’s proximity to Manchester, historical attractions like the Pioneers Museum and its continued growth.
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The town is also hosting a number of major events this summer, including the Commonwealth Games and the Rochdale Food and Drink Festival.
“Rochdale looks set for a great tourist season over the summer holidays, with booked stays in July and August already much higher compared with last year," said Sally Henry, VP of Business Development at Key Data.
“The jump in occupancy rates not only indicates a bumper season for the town, but the data highlights the growing appeal of Rochdale as a tourist destination in the UK. The drop in nightly rates could be a reflection of the growing competition for short-term rentals in Rochdale this summer.”
Have you moved to Rochdale recently? If so, please email your details to phoebe.jobling@reachplc.com.
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