Tower Hamlets property prices soar 33% in a year
03-24-2014
Property prices in Tower Hamlets have increased more than anywhere else in Britain in the past year.
Figures from Rightmove show that since March 2013 the average cost of homes in the borough have increased by 33%, making them nearly double the cost of anywhere else in the country.
In London overall the prices of property coming to market are up by 2.1% to a new all-time high, but while the price surge in the capital continues, it is no longer being driven by the prime London boroughs.
The average price of property coming to the market in London is now £552,530.
Miles Shipside, Rightmove director and housing market analyst said: "Another new record for the price of property coming to market in the capital will probably come as no surprise.
"However, what might surprise some people is that the last peak was achieved as long ago as October last year. Demand continues to outstrip supply in many areas and with the spring market approaching, further record highs are to be expected.
"Buyers seeking better value are pushing up demand and consequently prices in more affordable areas, causing a wave of new price peaks in areas before rolling on to the next cheaper location."
The four most expensive boroughs, which all have an average new seller asking price of over £1million, saw an average month-on-month fall of 1.3%.
Miles said: "The slack caused by prime London's slowdown has been taken up by London boroughs further out. While the top-end locations remain sought after and highly valued, the slow-down in the pace of their rises was bound to happen after some very heady increases."