Housing prices in Tower Hamlets

In Tower Hamlets:

We regularly revise our house prices estimates. UK-level rent estimates for the latest two months, and all house price data, are provisional and subject to revision.

Figures in this article are not seasonally adjusted.

You may also be interested in our recent analysis of which local areas of England and Wales have been most and least exposed to rising mortgage and rent costs during 2023.

Average house price in Tower Hamlets was £495,000 in October 2024

The provisional average house price in Tower Hamlets in October 2024 was £495,000. This was higher than the average of £459,000 in October 2023 (revised), a 7.8% rise.

Across London, the average house price in October 2024 was £520,000, which was in line with a year earlier (£519,000).

Across Great Britain, a home sold for an average of £295,000 in October 2024, which was up from the October 2023 average of £285,000.

In the year to October 2024, the average price for flats in Tower Hamlets rose by 8.1%, while the average price for detached properties increased by 2.1%.

For each property type, average prices as of October 2024 in Tower Hamlets were:

• Detached properties: £874,000
• Semi-detached properties: £768,000
• Terraced properties: £711,000
• Flats and maisonettes: £481,000

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Average private rents rose in Tower Hamlets

The average monthly private rent in Tower Hamlets was £2,309 in November 2024. This was an increase from £2,111 in November 2023, a 9.4% rise.

Across London, the average monthly rent was £2,206, up from £1,978 a year earlier.

Across Great Britain, the average rent price in November 2024 was £1,319, which was up from £1,209 in November 2023.

In Tower Hamlets, the average rent for flats or maisonettes rose by 9.6%, while for terraced properties, it increased by 9.0%.

Average rent for one bed properties rose by 10.0%, while the average for four-or-more bed properties increased by 7.3%.

By how many bedrooms there are in a property, average rents as of November 2024 in Tower Hamlets were:

• One bedroom: £1,869
• Two bedrooms: £2,280
• Three bedrooms: £2,589
• Four or more bedrooms: £3,212

Taking the data instead by property type, average rents were:

• Flats and maisonettes: £2,149
• Terraced properties: £2,579
• Semi-detached properties: £2,827
• Detached properties: £2,899

We also publish private rental affordability for local areas in England and Wales, comparing rents to household incomes.

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First-time buyers in Tower Hamlets paid £482,000 on average in October 2024

The provisional average price paid by first-time buyers was £482,000 in October 2024. This was higher than the revised October 2023 average of £447,000.

In comparison, home-movers in Tower Hamlets paid an average of £506,000 in October 2024. This was higher than £472,000 a year earlier.

In October 2024, the average price was £591,000 in London and £337,000 in Great Britain.

We do not produce figures for first-time buyer prices by type of property. Average house prices by property type for price paid data are available above.

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Average house price for mortgage buyers rose in Tower Hamlets

The average price of a home bought with a mortgage in Tower Hamlets was £493,000 in October 2024 (provisional). This was higher than an average of £458,000 in October 2023 (revised).

Across London, the average price of a home bought with a mortgage was £517,000, in line with £512,000 a year earlier.

Across Great Britain, the average price for buying with a mortage in October 2024 was £304,000, which was up from an average of £294,000 in October 2023.

Our mortgage calculator shows how monthly repayments are changing at local area level, based on the latest house prices and interest rates.

For cash buyers in Tower Hamlets, the average was £501,000 in October 2024 (provisional), which was up from a revised figure of £463,000 a year earlier.

In October 2024, the average was £526,000 in London and £276,000 in Great Britain.

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More data about Tower Hamlets

Explore more local data for Tower Hamlets.

More data on the housing market

This article is regularly updated with the most recent rents and house prices information. The full time series for rental prices can be found in our associated data releases. The full time series for house prices can be found in the UK House Price Index reports on gov.uk.

You can also read our most recent Private rent and house prices bulletin.

The methods used to produce the rental prices can be found in the Price Index of Private Rents Quality and Methodology Information. The methods used to produce the house prices can be found in the House Price Index Quality and Methodology Information.

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About this article

The content in this article is generated using semi-automated journalism, based on rules pre-programmed by Office for National Statistics (ONS) staff.

This is a new product in Beta release, intended to improve the accessibility of housing market data at local level. Send us feedback about this page or contact the Housing Market Indices team by emailing hpi@ons.gov.uk.

Articles are not available for Isles of Scilly and City of London, as the survey samples of the resident population are too small.

We will add Northern Ireland data to this tool following the release of more granular private rent price statistics for Northern Ireland, which we aim to do in March 2025.