Average property prices in London have passed £300,000 for the first time, an online property group said today.

Average property prices in London have passed £300,000 for the first time, an online property group said today.

According to Rightmove, the average asking price in the capital was 1.7 per cent greater than last month. Homes in Hackney achieved the biggest gains (5.4 per cent) while those in Kensington & Chelsea dropped by 2.4 per cent.

Miles Shipside of Rightmove said: "Buyers wishing to acquire property in the most popular boroughs face increasing competition. First-time buyers may have to look outside London to be able to afford their first home."

The property website also showed that across the country, properties rose by 0.9 per cent during the month to March 11th to £203,399.

Properties in the UK were found to have experienced growth of 4.3 per cent compared to the year before, as price rises have climbed since the third quarter of 2005.