Tower Hamlets house prices increased slightly in March
House prices increased slightly, by 0.3%, in Tower Hamlets in March, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 3.1% annual growth.
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Hide AdThe average Tower Hamlets house price in March was £482,997, Land Registry figures show – a 0.3% increase on February.
Over the month, the picture was better than that across London, where prices decreased 0.9%.
Over the last year, the average sale price of property in Tower Hamlets rose by £15,000 – putting the area 24th among London’s 33 local authorities with price data for annual growth.
The best annual growth in the region was in Kensington and Chelsea, where property prices increased on average by 20.3%, to £1,452,000. At the other end of the scale, properties in Lewisham lost 0.5% of their value, giving an average price of £447,000.
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First-time buyers in Tower Hamlets spent an average of £470,000 on their property – £15,000 more than a year ago, and £20,000 more than in March 2017.
By comparison, former owner-occupiers paid £496,000 on average in March – 5.5% more than first-time buyers.
How do property prices in Tower Hamlets compare?
Buyers paid 7.8% less than the average price in London (£524,000) in March for a property in Tower Hamlets. Across London, property prices are lower than those across the UK, where the average cost £278,000.
The most expensive properties in London were in Kensington and Chelsea – £1.5 million on average, and three times as much as more than in Tower Hamlets. Kensington and Chelsea properties cost 4.2 times as much as homes in Barking and Dagenham (£342,000 average), at the other end of the scale.
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Hide AdThe highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in March
Tower Hamlets: £482,997London:£523,666UK: £278,436
Annual growth to March
Tower Hamlets: +3.1%London: +4.8%UK: +9.8%
Best and worst annual growth in London
Kensington and Chelsea: +20.3%Lewisham: -0.5%