Tower Hamlets house prices increased in April

General view of estate agents signs outside a block of flats in Basingstoke, Hampshire.

House prices increased by 1.5% in Tower Hamlets in April, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 10% over the last year – the highest in London.

The average Tower Hamlets house price in April was £510,543, Land Registry figures show – a 1.5% increase on March.

Over the month, the picture was different to that across London, where prices increased 2.1%, but Tower Hamlets was above the 0.5% rise for the UK as a whole.

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

At the other end of the scale, properties in Kensington and Chelsea lost 15.8% of their value, giving an average price of £1,276,000.

First steps on the property ladder

First-time buyers in Tower Hamlets spent an average of £497,000 on their property – £47,000 more than a year ago, and £54,000 more than in April 2018.

By comparison, former owner-occupiers paid £522,000 on average in April – 5.1% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Tower Hamlets in April – they increased 1.6%, to £496,764 on average. Over the last year, prices rose by 10.5%.

Among other types of property:

Detached: up 0.3% monthly; up 4.8% annually; £899,492 average
Semi-detached: down 0.1% monthly; up 4.8% annually; £782,562 average
Terraced: down 0.1% monthly; up 4.7% annually; £706,189 average

How do property prices in Tower Hamlets compare?

Buyers paid 4.3% less than the average price in London (£534,000) in April for a property in Tower Hamlets. Across London, property prices are high compared to those across the UK, where the average cost £286,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.5 times the price as in Tower Hamlets. Kensington and Chelsea properties cost 3.6 times the price as homes in Barking and Dagenham (£351,000 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 April

Tower Hamlets: £510,543
London:£533,687
UK: £286,489

Annual growth to April

Tower Hamlets: +10%
London: +2.4%
UK: +3.5%

Highest and lowest annual growth in London

Tower Hamlets: +10%
Kensington and Chelsea: -15.8%