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Oldham's housing market outperforms city-region
04/04/2008
Average house prices in Greater Manchester stood at £130,802 in February, following a 12-month increase of 5.4 per cent, according to the Land Registry.
The metropolitan district with the highest annual price increase was Oldham at 11.3 per cent. The borough outpaced all other parts of the city-region including Manchester, which saw a price increase of 6.1 per cent.
Salford was the weakest performer in the Manchester property market, with a 1.8 per cent annual rise recorded by the Land Registry.
Across England and Wales as a whole, the average price of a home was reported to be £185,616, falling to £138,052 in the north-west.
According to Bank of England figures for February, UK lenders approved 73,000 mortgages for home buyers, down by ten per cent on November 2007.
Howard Archer, chief UK economist at Global Insight, said: "The likelihood is that the level of activity in the housing market will slip further over the coming months as mortgage lenders either temporarily close their doors to new borrowers or lift interest rates."
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