Tower Hamlets house prices increased in March

House prices increased by 1.1% in Tower Hamlets in March, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 11% over the last year – the highest in London.

The average Tower Hamlets house price in March was £510,062, Land Registry figures show – a 1.1% increase on February.

Over the month, the picture was different to that across London, where prices decreased 1.7%, and Tower Hamlets was above the 1.2% drop for the UK as a whole.

Over the last year, the average sale price of property in Tower Hamlets rose by £51,000 – 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 Westminster lost 17.4% of their value, giving an average price of £876,000.

First steps on the property ladder

First-time buyers in Tower Hamlets spent an average of £497,000 on their property – £50,000 more than a year ago, and £63,000 more than in March 2018.

By comparison, former owner-occupiers paid £521,000 on average in March – 5% more than first-time buyers.

How do property prices in Tower Hamlets compare?

Buyers paid 2.5% less than the average price in London (£523,000) in March for a property in Tower Hamlets. Across London, property prices are lower than those across the UK, where the average cost £285,000.

The most expensive properties in London were in Kensington and Chelsea – £1.3 million on average, and 2.6 times as much as more than in Tower Hamlets. Kensington and Chelsea properties cost 3.8 times as much as homes in Barking and Dagenham (£347,000 average), at the other end of the scale.

The highest property prices across the UK were in E09000020.

Factfile

Average property price in March

• Tower Hamlets: £510,062
• London:£523,325
• UK: £285,009

Annual growth to March

• Tower Hamlets: +11%
• London: +1.5%
• UK: +4.1%

Highest and lowest annual growth in London

• Tower Hamlets: +11%
• Westminster: -17.4%