With asking prices in Tower Hamlets surging 18% in a year a developer is urging buyers to look south of Canary Wharf for a bargain.

Notting Hill Sales’ Milport scheme in Mudchute is due to launch in late November 2015 and will see Shared Ownership properties released with a starting price of £143,000, based on 40% ownership of a one-bedroom flat.

Rightmove’s October House Price Index revealed asking prices in the borough were averaging £617,075 – around £260,000 more than the full value of Milport’s entry-level properties.

With areas close to Canary Wharf especially expensive, those looking to get on the ladder in the area face a tough battle.

Notting Hill Sales said Milport’s collection of one and two-bedroom Shared Ownership properties were only eligible to those living and working in Tower Hamlets, making them perfect for workers in Canary Wharf.

The apartments are located directly opposite Mudchute DLR station, which is about a 10-minute journey or 30 minutes on foot to the business estate.

Katie Bond, director of Notting Hill Sales, said: “With the London Borough of Tower Hamlets proving a popular destination for many buyers and Canary Wharf being a workplace attraction, the new homes at Millport will be a welcomed addition to the area.

"Our main objective at Notting Hill Sales is to provide new homes with a more achievable price tag and Millport is a prime example of that. Plus there’s no compromise on location or transport connections; with Mudchute DLR station on the doorstep, buyers can appreciate regular access to Canary Wharf and beyond.”

The development is also two DLR stops from Cutty Sark, in Greenwich, which can also be reached via the Greenwich Foot Tunnel under the river Thames in about 20 minutes.

The Space arts centre, Docklands Sailing and Watersports Centre and Mudchute Farm are all close by.