If you’ve been listening to the whispers over a coffee in Royton or while walking the dog near Shaw, you might have heard that the property world is currently a wild rollercoaster. People often think the market is always either "exploding" or "crashing." But here is a little secret from us, Emanuele and Michelle: right now, the OL2 market is actually acting like a perfectly balanced see-saw.
Think of it like a Sunday roast at a busy local pub. If the chef makes 100 dinners and 200 people show up, the competition for a plate is intense (that’s a seller’s market). If they make 100 dinners and only 5 people walk in, there is an overabundance of choice (that’s a buyer’s market). Right now in the OL2 postcode area, the chef is cooking just about the right amount for the number of people coming through the door.
Understanding the Housing Supply in OL2
Did you know there is a specific way we measure the balance of the market? We look at the relationship between the number of properties currently for sale and the level of buyer demand. Imagine every house currently available across OL2—from the lovely spots on Bennett Way in Royton to the grander homes on George Street in Shaw—was a loaf of bread on a shelf.
In OL2, the current stock levels represent 7.1 months’ worth of supply.
In the world of property, when supply levels are under 6 months, there is high competition for sellers as buyers have fewer options. When supply levels rise above 6 months, there is a wider choice for buyers. At 7.1 months of supply, we are in what we call a "Balanced Market." It’s a fair playing field! Buyers have enough choice that they don’t need to panic, and sellers are still finding plenty of market activity to support their move.
What is currently available?
Right now, there are 305 properties for sale across our OL2 neighbourhoods. That’s a healthy number! It means whether you are looking for a cosy starter home or something substantial like the beautiful High Royd on Rochdale Road, there is significant variety out there.
Every month, about 43 homes are finding new owners. To put that in perspective, that’s about 10 families every single week picking up their keys and starting a new chapter somewhere in OL2. We call this the "turnover rate," and locally, it’s sitting at 14%. It indicates a steady stream of market activity rather than a crashing wave.
What does this mean for your pocket?
You might see some big numbers in the papers. For example, we’ve recently seen homes in Royton and Shaw selling for between £600,000 and £680,000. While those are stunning figures, the average price people are actually paying across all of OL2 over the last year is £207,315. However, the average price people hope to get (the asking price) is currently £265,712.
Our advice for the month of May:
- If you are selling: With 305 other options available to buyers, the competition for sellers is real. Your home isn't the only choice on the market, so you need to make sure your house looks its absolute best and is priced sensibly. Because there is a healthy housing supply, buyers are being more selective.
- If you are buying: Breathe! You have a good level of choice for buyers right now. You don't necessarily have to feel pressured into a decision the second you walk through the front door. However, with 43 sales happening a month, the "good ones" are still being secured by others, so stay engaged with the market.
- If you are a homeowner: Your home's value is holding steady because the demand and supply are so balanced. There’s no "madness" pushing prices up or down rapidly, which is actually really good news for long-term stability in our community.
Whether you're in the heart of Shaw or the leafy streets of Royton, the OL2 market is feeling very "calm and collected" this May. It’s a great time to make a move if you want a process that feels fair for everyone.