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Oldham Buy-to-Let Guide

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    Everything You Need to Know About Oldham Buy-to-Let

    Manchester has been identified as an exciting area for buy-to-let investments. The exponential growth observed in Manchester over the past couple of decades has brought more attention to the surrounding areas included in what is known as Greater Manchester.

    These outer towns and cities are benefitting from the City of Manchester’s prosperity and experiencing growth in their own right, while still having some of the most affordable property prices in the whole country.

    One of these up-and-coming towns is Oldham, located 7 miles northeast of Manchester. So is Oldham the best option for buying a buy-to-let in Greater Manchester? And how does it size up to other areas of the UK? Let’s do a deep dive into the Oldham property investment scene and find out!

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      Oldham aerial view

      Buy-to-Let Property Prices in Oldham

      According to Rightmove, properties sold in Oldham over the past year had an average price of £189,932. This is much cheaper than the UK average which is £284,691 as per the UK House Price Index, so it’s fair to say that Oldham is an affordable area when it comes to property. Notably, those looking to buy property in Manchester will find an average price of £242,523, making the town a cheaper alternative to central Manchester.

      Oldham’s average property price is 3% down on the previous year and 2% up when compared to 2021. This is characteristic of the UK property market in general during 2023, when growth was subdued, and modest price dips were observed in some areas.

      But is this sluggish growth projected to continue? Most forecasts are predicting a return to healthy growth for the UK property market. In particular, the North West is set for growth of 20.2% leading up to 2028 according to Savills, which is higher than the UK average of 17.9%. This is promising news for Oldham property investors.

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      Oldham Building

      Buy-to-Let Rental Market in Oldham

      According to, the average monthly rent in Oldham is £846. This is lower than the UK average as stated by the HomeLet Rental Index, which is £1260.

      A 2023 article from the BBC reported that rents in Oldham had gone up by 13.1% in a year, one of the fastest increases in the country. This suggests that demand is growing in the area, putting upward pressure on rental costs.

      The supply-demand imbalance currently ongoing in the UK private rental sector looks set to persist, therefore it is likely that rental inflation in Oldham will continue. In 2023, Rightmove found that Oldham is one of the most in-demand areas in Greater Manchester with an average of 45 enquiries made to available rental properties. This is up from 14 in 2019, showing demand has exploded in the past few years.

      There may be some chances to target student tenants as University Campus Oldham is located in the area, but the student population is quite limited compared to other university towns.

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      Oldham historical site

      Investment Properties for Sale in Oldham

      There are various types of investment properties on offer in Oldham, including terraced houses, Victorian period houses, townhouses, and bungalows. There’s also cottages in the more rural areas surrounding the town. For investors looking for more stylish and modern buy-to-let houses for sale, there are some newly built properties available in Oldham, and as Greater Manchester towns such as Oldham gain more popularity as residential areas, they may be targeted more by developers for new build projects.

      According to Rightmove, the majority of sales in Oldham during the last year were terraced properties, and they sold for an average of £151,165. The next most popular were semi-detached properties for an average of £214,740, and detached properties with an average sold price of £332,350.

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        Buy-to-Let Investment in Oldham: Area Breakdown

        The metropolitan borough of Oldham consists of the town of Oldham and surrounding smaller towns and villages such as Royton, Lees, and Shaw among others.


        Average Property Prices in Oldham

        The average property price in this area is £189,932.

        Average Rental Yield in Oldham

        The average rental yield in this area is 5.35%.

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          Oldham riverside


          Average Property Prices in Royton

          The average property price in this area is £206,857.

          Average Rental Yield in Royton

          The average rental yield in this area is 4.66%.

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          Oldham building


          Average Property Prices in Failsworth

          The average property price in this area is £203,123.

          Average Rental Yield in Failsworth

          The average rental yield in this area is 5.25%.

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            Oldham street view


            Average Property Prices in Shaw

            The average property price in this area is £199,738.

            Average Rental Yield in Shaw

            The average rental yield in this area is 4.44%.

            (Average property prices taken were from Rightmove in early 2024; rental yield estimates were calculated with figures from in the same period)

            What is the Best Area of Oldham to Invest in?

            Property prices are low across the Oldham borough, with more sought-after villages on the outskirts typically a bit pricier on average than central Oldham.

            Central Oldham areas seem to have the most suitable combination of affordable property, high rental yields, and high demand, making them the best option for a buy-to-let investor.

            House model on a table

            Why You Should Consider a Buy-to-Let Investment in Oldham

            Affordable Property

            One of the most important considerations when searching for the best buy-to-let location is whether or not the area has affordable property. This means that the initial financial burden of the investment will be lighter, and the investor will start seeing returns quicker.

            Oldham’s average property price is lower than the UK average, making it an attractive prospect for buy-to-let investors.

            Areas with cheaper property will often have higher rental yields; however, there are other regions with much higher rental yields than Oldham that are worth exploring as options.


            Regeneration is a key indicator of future demand for an area and capital growth, so it’s worth taking notice of planned schemes for towns and cities of interest. Oldham has several regeneration projects in the pipeline, with many concentrating on Oldham’s town centre. The ‘Creating a Better Place’ project aims to create more than 2000 new homes, 1000 new jobs, and 100 apprenticeships in the town centre – unlocking an investment of £285 million and making this popular for property investors.

            Location and Transport Links

            Residents of Oldham benefit from proximity to central Manchester and excellent transport links. There are two nearby train stations, Mills Hill and Moston, with frequent trains to Manchester Victoria and good connections to other cities such as Liverpool and Leeds. Oldham is also part of Manchester’s tram network and is well-served by the bus network.

            The area is also well located for the A62 and M60 and boasts easy connections to Manchester Airport.

            Convenient towns like Oldham are bound to enjoy popularity with commuters, adding to rental demand and making it one of the best areas to buy in Manchester.

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            New builds

            Oldham New-Builds

            Across the country, the supply of available rental properties has been unable to keep up with demand. This has led to increased calls for new-build properties to help address this supply-demand imbalance. Oldham is no exception to this trend, and Oldham Council are working on newly built homes for the community as part of regeneration schemes, especially in the town centre.

            As these areas get revamped and attract more residents, they are also likely to attract private developers. Currently, most new build projects in the Oldham area seem to consist of housing estates. Although Oldham is considered an affordable area for property, new builds usually come with a premium, which is worth considering when investing in Manchester property.

            To get a full picture of new build investment opportunities on the market, it may be worth looking at other Greater Manchester areas to compare. This could include new builds in Stockport or those in Bolton or Wigan.

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              Off plan

              Off-Plan Property in Oldham

              Off-plan property investment is becoming increasingly popular as a strategy for acquiring a newly built property at a discounted price. However, off-plan opportunities are still typically concentrated in major cities, meaning chances to invest in off-plan projects in Oldham may be quite limited. The bulk of off-plan property options for 2024 in Greater Manchester will be located in Manchester City Centre and Salford, where demand is more guaranteed from young professionals.

              This may change in the future as Greater Manchester’s reputation as a buy-to-let hotspot grows and further out areas experience increasing demand attracting more private developers. Learn more about property investment with our how to get into real estate guide book.

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              How Does Oldham Compare to Other UK Regions When It Comes to Buy-to-Let?

              The appeal of Oldham is clear for property investors, but how does it size up compared to other UK regions?

              While Oldham can offer a decent rental yield of over 5%, other areas can offer a higher yield on average. For example, Zoopla states that Liverpool has one of the country’s highest average gross rental yields, which they calculated to be 7.43%.

              Manchester City Centre also has an average rental yield of over 7%, offering more diverse investment opportunities than Oldham. This includes student accommodation, short-letting options, off-plan investment, and more.

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                Want to Invest in Oldham?

                Overall, Oldham has many advantages over other UK areas when it comes to buy-to-let property investment. It’s located in the up-and-coming region of Greater Manchester and has lower-than-average property prices and decent rental yields.

                However, other areas can offer higher rental yields, as Oldham isn’t yet on the level of Manchester City Centre or Salford Quays when it comes to rental demand. Other major cities in the North West could be a better option for investors.

                Take a look at some of our other buy-to-let area guides to learn more about UK investment hotspots:

                Map of Oldham

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                Jessica Ferris

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                Jessica is a property content writer at RWinvest. Keeping a close eye on the UK property market, Jessica helps our readers stay informed and up to date on the latest market news and statistics.


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