[2] The ditch was reputedly known as a dumping ground for dead dogs, and a legend also recalls that Cnut had the body of infamous English traitor Eadric Streona dragged through the city by his heels, burnt with torches and then decapitated.

The name Houndsditche appears in the 13th century, and seems to relate to the quantity of rubbish and dead dogs thrown into it;[5][full citation needed] previously it seems to have been referred to only by the appellation "the Ditch".

[6] {{{annotations}}} By the turn of the 20th century, the street had become a thriving market in clothing and novelties,[7] giving rise to one of London's leading department stores, the Houndsditch Warehouse,[8] dubbed the "Selfridges of the Jewish Quarter".

Approaching Bishopsgate, the modern office blocks do not occupy the full building plots, leaving some small areas empty.

The street is the location of a number of restaurants, bars and offices, and a short pedestrianised section of it runs along the north side of the Heron Tower, the tallest building in the City of London.