It was built at the south end of Milk Street on the site of the parish church of St Mary Magdalen and All Hallows Honey Lane after the areas destruction in the Great Fire of London in 1666, and the market took over the area. The market at one time had 105 butchers' stalls.[3]Edward Hatton noted in 1708 that the market was known for its meat, fish, and poultry.[4]
It was noted in 1927 that the market "retains much of its original semi-enclosed plan". There were many food shops, "though wholesale premises are gradually encroaching on the space".[8]
Honey Lane was completely destroyed and the surrounding area seriously damaged by German bombing on 29 December 1940.[6]
In the postwar reconstruction the market fell within a parcel of land (along with Milk Street Buildings, Freeman's Court, Trump Street and Lawrence Lane) covering 53,434 square feet, referred to as No. 11. The cost of reconstruction of the parcel of land was estimated at £520,500 (in 1952) with costs to tax payers turned into a surplus by 2013.[9]
The current Honey Lane, a breezeway, is approximately 100 feet east of the old one and connects Cheapside and Trump Street.