Tower Hamlets house prices increased more than London average in February

EMBARGOED TO 00001 TUESDAY OCTOBER 26 File photo dated 14/10/14 of estate agents boards. The housing market is set to record its highest level of sales this year since 2007, according to a property website. Issue date: Tuesday October 26, 2021.

House prices increased by 3.8% – more than the average for London – in Tower Hamlets in February, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 0.8% annual growth.

The average Tower Hamlets house price in February was £471,029, Land Registry figures show – a 3.8% increase on January.

Over the month, the picture was better than that across London, where prices increased 2.2%, and Tower Hamlets outperformed 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 £4,000 – putting the area 30th among London’s 33 local authorities with price data for annual growth.

The best annual growth in the region was in City of London, where property prices increased on average by 15.4%, to £840,000. At the other end of the scale, properties in Lewisham lost 2% of their value, giving an average price of £436,000.

First steps on the property ladder

First-time buyers in Tower Hamlets spent an average of £457,810 on their property – £3,960 more than a year ago, and £630 more than in February 2017.

By comparison, former owner-occupiers paid £484,560 on average in February – 5.8% more than first-time buyers.

How do property prices in Tower Hamlets compare?

Buyers paid 11.1% less than the average price in London (£530,000) in February for a property in Tower Hamlets. Across London, property prices are lower than those across the UK, where the average cost £277,000.

The most expensive properties in London were in Kensington and Chelsea – £1.4 million on average, and 2.9 times as much as more than in Tower Hamlets. Kensington and Chelsea properties cost 4.1 times as much as homes in Barking and Dagenham (£341,000 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 February

Tower Hamlets: £471,029London:£529,882UK: £276,755

Annual growth to February

Tower Hamlets: +0.8%London: +8.1%UK: +10.9%

Best and worst annual growth in London

City of London: +15.4%Lewisham: -2%