In the first quarter of 2016 Oldham Town Centre/St Mary’s/Mumps (Oldham 014 MSOA) continues to have the lowest average house prices in Greater Manchester at £47,938. These low valuations and the resultant low profitability of new build housing are the reason private developers won’t touch the 800 houses planned for Prince’s Gate which Oldham Council will have to self-develop using public finances from the housing revenue account. The council’s economic assessment predicts it will take well over forty years to recoup the money spent. Four of the five areas in Greater Manchester with the lowest house prices are in Oldham situated in or directly adjacent to the town centre, Oldham 14, 19, 24, 22.
