House prices in Tower Hamlets rise faster than in Kensington

Despite having some of the most celebrated real estate in the world, house prices in Kensington & Chelsea are rising at a lower rate than homes in London’s less fashionable areas.

According to property website Rightmove, average asking prices in Tower Hamlets rose by 3.6% to £531,917, closely followed by Barking & Dagenham where prices rose by 3.4%.

House prices in Kensington & Chelsea, however, fell by 6.9% to a modest £2.05m. In Westminster prices slid even more, down by 8.3% to £1.39m.

Across London, house prices dropped by 0.2% over January, due to price rises of 1.8% in outer boroughs, but falls of 3.8% in central areas.

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.”