Are House Prices Going Up in Rochdale?

Rochdale, a lively town in Greater Manchester, has experienced a resurgence in popularity in recent years. Despite its boom-then-bust industrial past, the town’s proximity to major cities like Manchester, Leeds and Liverpool has made it a desirable destination, and it seems it could be coming into its own in recent years.

This newfound appeal has naturally sparked some curiosity about the local housing market for investors and potential residents alike. So, in this blog we’ll dig into the details to see if Rochdale’s property prices are indeed on the rise, the extent of the increase, and what might be behind this trend.

What’s happening to house prices in Rochdale?

Rochdale property is significantly cheaper than the average for Great Britain. In fact, it’s the 32nd cheapest place to buy across England and Wales.

However, the average house price in Rochdale has seen a steady increase in recent years. According to the Office for National Statistics, the average house price in June 2024 was £200,000, which is up from £193,000 in June 2023. This is a 3.6% rise year-on-year, which is in step with the North West as a whole, as well as across Great Britain. So far, so average. But what about when we break things down by type of property or buyer? Let’s take a look at some of the more interesting figures.

First-time buyers

The average price paid by first-time buyers in June 2024 was £176,000, up from £170,000 in June 2023. This indicates a 3.8% increase in the average price paid by first-time buyers, but it’s still markedly lower than what first-time buyers paid on average in the North West (£186,000) and across Great Britain (£242,000). 

Different housing types

Detached properties have seen the most significant price increases, with an average price of £336,000 in June 2024, up from £323,000 a year earlier. Meanwhile semi-detached properties have increased by 4.5% to £211,000, while terraced properties have risen by 3.1% to £156,000. Interestingly, flats and maisonettes have seen a more modest increase of just 0.4%, to £106,000.

Rents

Prospective investors will be interested to know that the rental market in Rochdale has also been thriving. The average monthly private rent in July 2024 was £710, up from £635 in July 2023 — a strong 11.8% increase. This suggests that buy-to-let investors can expect healthy rental yields.

Why are house prices going up in Rochdale?

It’s hard to say exactly what factors are at play here, and by how much, but it’s likely that several different things are influencing the rising house prices in Rochdale. Let’s explore them briefly.

Economic growth

Rochdale’s economy has been relatively strong, leading to increased job opportunities and higher demand for housing. New businesses and economic development have attracted more people to the area, driving up demand for housing.

Regeneration projects

Rochdale has undergone significant regeneration projects, working on creating more employment space, new jobs, new homes and better public spaces. In recent years the town centre has seen significant investment, bringing with it better leisure and retail offerings. These projects have boosted the town’s appeal, which in turn attracts more investment — it’s a positive spiral.

Improved connectivity

On top of ambitious regeneration projects, transport links are getting better too. For instance, the Junction 19 link road created a new faster access route to the M62. The town also benefits from Greater Manchester’s Bee Network, and the borough’s rail corridor will play a role in the next phase of the area’s regeneration. It’s clear to see how Rochdale’s proximity to major cities like Manchester and Leeds, combined with improved transportation options, will make it a more attractive option for commuters.

Is this just the beginning?

So, the answer is yes, house prices in Rochdale are on an upward trend, and first-time buyers are attracted by some of the most affordable options in the region. Detached properties have seen the biggest increase in value recently, and rental yields are healthy too. As leisure, employment and transport options expand, we think the town could find itself an even more popular destination for investors and homeowners alike.

At SellHouseFast.co.uk, we have a deep understanding of the Rochdale property market, so if you need to sell your house fast, we’re here for you. We’re experienced cash house buyers, and we buy any house UK wide using our uniquely personal, efficient, transparent service.

Contact us today to get your free cash offer and chat about how we can help you to make the most of the Rochdale property market.