Latest prices in Tower Hamlets for Detached properties
The latest figures show that the average price for a Detached property in Tower Hamlets has now reached £258,559 as of Jul 2024. This value is based upon the average value of completed property transactions in the month of July.
Average prices for a Detached property have increased substantially over the longer term in Tower Hamlets. Back in January 1995, prices for this type of property averaged £93,528 based on sales at the time. Fast forward to January 2024, and averages reached £263,591 - representing a growth of 182% over 29 years.
This substantial triple-digit percentage rise in Detached property values far outpaced broader inflation over the same period. Rising household incomes, strong local economy, high demand and constrained supply all likely contributed to the steep price inflation seen for Detached homes in Tower Hamlets over the past 3 decades.
Our data is sourced directly from HM Land Registry and their UK House Price Index report. This dataset is updated several times a year and we always attempt to have the most up to data information available.
The UK HPI uses sales data collected on residential housing transactions, whether for cash or with a mortgage. Properties have been included in England and Wales since January 1995, in Scotland since January 2004, and in Northern Ireland since January 2005, Data is available at a national and regional level, as well as counties, local authorities and London boroughs.
Detached prices in Tower Hamlets over the last 12 months
Date
Price
Aug 2023
£793,248
Sep 2023
£810,417
Oct 2023
£806,069
Nov 2023
£842,292
Dec 2023
£832,285
Jan 2024
£263,591
Feb 2024
£263,206
Mar 2024
£255,058
Apr 2024
£253,183
May 2024
£253,239
Jun 2024
£259,632
Jul 2024
£258,559
Recent trends for prices in Tower Hamlets
The latest figures from July 2024 indicate the property market in Tower Hamlets continues to show falling price trends. Compared to June, 2024, average prices decreased by -0.9% to £452,572. On an annual basis, average property prices have decreased -0.5% since 12 months ago.
In terms of sales activity, there were 106 residential property transactions completed in Tower Hamlets during July, 2024. Of these purchases, 64 were financed with a mortgage while 14 were all-cash sales. For cash buyers, average prices have changed by -0.8% since June, 2024, coming in at around £457,873. For properties purchased with a mortgage, the average price changed by -0.9% since June, 2024, to £450,655.
Compared to the overall picture in its national parent England, the average property price in Tower Hamlets are higher than the current national average of £305,879. While Tower Hamlets saw a change of -0.9% over the last month, England as a whole recorded a percentage change of 0.2% in average property values. And on an annual basis, prices across England have grown by 1.6%, more than the -0.5% yearly change seen in Tower Hamlets.
Interested in purchasing a property in Tower Hamlets? Use our Monthly Mortgage Cost Calculator to see how much a property may cost you per month. This tool is for illustrative purposes only and does not constitute financial advice.
Average price in Tower Hamlets by housing type
Prices last recorded in July, 2024
average
£452,572
detached
£258,559
flat
£439,349
semi-detached
£713,651
terraced
£648,275
Prices by housing type in Tower Hamlets
Recent data shows that price growth has varied across different property types in Tower Hamlets over the last year. For terraced houses, property prices changed by -1.3% between July 2024 and June 2024 to reach £648,275, and changed by -2.7% over the last 12 months. The annual change was greater than the 1.8% change seen for terraced homes in England overall.
Meanwhile, semi-detached properties saw a fall in average prices locally, taking them to £713,651 in June 2024. This represents a -1.6% change from the same month last year.This is underperforming the 2.2% annual change in semi-detached values across the country.
Detached homes in Tower Hamlets lost -0.4% month-over-month to reach an average of £258,559. Annually, detached property values have changed by -2.6%. This is weaker price growth compared to England's 1.6% change for detached houses over the year.
For apartments and flats, average prices decreased by -0.8% between July and June 2024, hitting £439,349. Over the last 12 months, apartment values have changed by -0.3%, lagging England's flat and apartment growth rate of 0.4%.
Overall, flat properties have seen the strongest price momentum locally over the past year, with a change of -0.3%, while terraced properties lagged, with a change of -2.7%.
Recent purchases in Tower Hamlets
According to data from HM Land Registry, there were 106 completed property purchases in the area of Tower Hamlets in July 2024. Of these sales, 14 were recorded as cash purchases whilst 64 were purchased using a mortgage. Compared to this time 12 months ago, the percentage of properties purchased using a mortgage has changed by -0.7% and the percentage of properties purchased with cash has changed by 0%.
The number of cash and mortgage purchases may not match the recorded number due to exclusions listed on the gov.uk website
Looking for a specific property type?
Use one of the following links to find more specific information about the type of property you're looking for in tower-hamlets.
Ground rent is a common aspect of home ownership in England and Wales, yet it remains poorly understood by many homeowners and property buyers. When you purchase a leasehold prop...
When purchasing property in the UK, buyers will inevitably encounter the terms 'freehold' and 'leasehold'. These refer to the two predominant forms of property ownership in the c...
For most homebuyers, the deposit is one of the biggest obstacles to purchasing a home. Saving enough for a deposit on a house can take years of disciplined saving and budgeting....
The housing market in the United Kingdom has seen significant changes over the past few years. Most notably, house prices have started to decline after hitting record highs in mi...
For many people, owning their own home is a major life goal and source of pride. However, getting onto the property ladder can be extremely difficult these days, especially for p...
Canary Wharf is located in East London, part of the Isle of Dogs in the borough of Tower Hamlets. It sits within London's Zone 2, just east of the City of London financial distri...
