The average house price for a London property was over £300,000 for the first time, according to new figures.

The average house price for a London property was over £300,000 for the first time, according to new figures.

In the third quarter of 2004, house prices in greater London stood at an average of £287,470, but this figure rose by 4.47 per cent in the same period this year, with the capital's average property prices now reaching £300,239.

The Welsh housing market is still beating other regions of the UK however, with property prices there rising by 7.42 per cent compared to the same period in 2004, according to figures from the Land Registry.

"The drop in price inflation contrasts with figures released by mortgage lenders in the last few months which showed an upturn in price rises," said Milan Khatri, chief economist at the Royal Institution of Chartered Surveyors (Rics).

He said that this was due to the fact that Land Registry figures are based on completion prices, recorded months after sales have been agreed.