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Business News

Tower Hamlets beats Made in Chelsea as less glamorous boroughs set property prices pace


Tower Hamlets trumped Kensington this month as London’s less glamorous boroughs showed the biggest increase in property asking prices, according to property website Rightmove.

The average asking price demanded by sellers in Tower Hamlets jumped 3.6% to £531,917 in January — closely followed by Barking & Dagenham, where prices rose 3.4 per cent. In contrast, Westminster saw an 8.3 per cent slide in asking prices, albeit to £1.39 million while prices in Kensington & Chelsea were down 6.9 per cent to a mere £2.05 million. Across the capital, overall average asking prices eased 0.2 per cent to £514,704 in January.

Across the outer boroughs, prices were up 1.8 per cent compared with a 3.8 per cent fall in more central locations.

Rightmove director Miles Shipside said: "A combination of the absence of new sellers in the more central and expensive areas due to the time of year and buyers looking for better affordability means that the largest increases in the price of new property coming to market has been in outer London this month."