Tower Hamlets house prices dropped in November

House prices dropped by 1.9% in Tower Hamlets in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 9.6% annual decline.

The average Tower Hamlets house price in November was £438,709, Land Registry figures show – a 1.9% decrease on October.

Over the month, the picture was similar to that across London, where prices decreased 2.2%, but Tower Hamlets was lower than the 0.8% drop for the UK as a whole.

Over the last year, the average sale price of property in Tower Hamlets fell by £47,000 – putting the area 29th among London’s 33 local authorities with price data for annual growth.

The highest annual growth in the region was in Richmond, where property prices increased on average by 4.2%, to £778,000. At the other end of the scale, properties in City of London lost 27.7% of their value, giving an average price of £727,000.

First steps on the property ladder

First-time buyers in Tower Hamlets spent an average of £425,500 on their property – £45,700 less than a year ago, and £1,000 less than in November 2018.

By comparison, former owner-occupiers paid £453,900 on average in November – 6.7% more than first-time buyers.

Property types

Owners of terraced houses saw the biggest fall in property prices in Tower Hamlets in November – they dropped 3.5% in price, to £617,486 on average. Over the last year, prices dropped by 14.1%.

Among other types of property:

• Detached: down 2.4% monthly; down 12.5% annually; £789,049 average
• Semi-detached: down 3.3% monthly; down 14.2% annually; £679,121 average
• Flats: down 1.8% monthly; down 9.2% annually; £426,071 average

How do property prices in Tower Hamlets compare?

Buyers paid 13.2% less than the average price in London (£505,000) in November for a property in Tower Hamlets. Across London, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.1 million on average, and 2.6 times the price as in Tower Hamlets. Kensington and Chelsea properties cost 3.2 times the price as homes in Barking and Dagenham (£354,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in November

• Tower Hamlets: £438,709
• London:£505,283
• UK: £284,950

Annual change to November

• Tower Hamlets: -9.6%
• London: -6%
• UK: -2.1%

Highest and lowest annual growth in London

• Richmond: +4.2%
• City of London: -27.7%