The latest figures from Property Partner show that Tower Hamlets is the third most affordable borough in London for home buyers. Homes in the area cost slightly less than nine times the average salary from 2015. The only two areas with better affordability are Barking and Dagenham, where properties typically cost slightly under seven and a half times the average salary. The statistics show that east London continues to be cheaper than west.
Tower Hamlets is the most affordable central borough and attracts people because it offers a fantastic location. The City and London City Airport are within easy touching distance to the west and east respectively. Abundant public transport links in the area allow residents to access the centre of the city and the many attractions very quickly.
The housing stock in Tower Hamlets is very interesting. There is an abundance of old and new builds to choose from, including Victorian family homes and modern flats. This diversity satisfies the demands of a wide array of buyers, attracting both families and professionals too.
Bethnal Green is one of the most attractive areas in the Borough. It has seen a lot of regeneration over the years, transforming the area into a more upmarket destination. The area is immensely popular with families because it is home to several well regarded primary schools and two secondary schools marked “outstanding” by Ofsted. There are also two large parks offering green spaces for relaxation.
St. Katherine’s Dock in Wapping is another upmarket destination in the Borough. The riverside is a major attraction and led to the development of an array of new, modern flats. A lot of people have been attracted to these for the premiums they offer and the incredibly close proximity to the Tower of London and Fenchurch Street.
When considering Tower Hamlets it is important to remember that values will differ a great deal by area. There are some good bargains to find but upmarket areas can command a lot more value. If you would like advice we would be happy to help, particularly if you are looking at purchasing a property with the aim to let it in the future. We also provide full property and estate management in Barking and Dagenham, Greenwich, Tower Hamlets and all other East London boroughs.