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Tower Hamlets property prices trump Kensington, says Rightmove

PUBLISHED: 17:35 31 January 2014 | UPDATED: 17:35 31 January 2014

Canary Wharf's early development was spearheaded by Docklands Development Corp when Ralph Ward was on the team

Canary Wharf's early development was spearheaded by Docklands Development Corp when Ralph Ward was on the team

CWG

Biggest average rise in London property prices this month is in the East End, it has emerged.

Rising values largely boosted by Canary Wharf and the Isle of Dogs regeneration have trumped the Royal Borough of Kensington & Chelsea, according to the Rightmove property website.

January’s average Tower Hamlets asking price for a house jumped 3.6 per cent to £531,917.

Prices in Kensington & Chelsea, by contrast, were down almost seven per cent—but at a much higher £2 million.

Rightmove director Miles Shipside said: “The absence of new sellers in the more expensive areas this time of year combined with buyers looking for better affordability means the largest price increases in property coming on the market has been outside central London.”

Traditionally less-affluent areas such as east London saw averages up 1.8 per cent, compared with the City and West End which was hit by a 3.8 per cent fall. Average London prices overall slipped 0.2 per cent to £514,70o.

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