According to Land Registry figures for Q3 2005, average house prices in Greater London have topped £300,000 for the first time ever, though current rises continue to be strongest in areas away from London.

Overall, the biggest rise in prices was seen in the north of England and Wales. The south of England and the Midlands had the slowest growth.

The figures show a further slowdown in house price inflation to 3.5% in the third quarter, down from 5.4% in Q2. A year ago, house price inflation on the Land Registry measure was 16.3%.

The drop in price inflation contrasts with figures released by mortgage lenders in the last few months which showed an upturn in price rises. This is unsurprising since the Land Registry figures are based on completion prices, which are recorded several months after sales have been agreed. Expect the recent upturn to be seen in the Land Registry statistics in the fourth quarter.

The average England and Wales price increased from £187,971 in 2004 to £194,589 for the same period in 2005. All the economic regions showed an increase in average prices.

The volume of sales decreased by 15.41% from 309,101 in 2004 to 261,481 for the same period in 2005.

1,140 properties over £1 million were sold compared to 1,230 for the same period in 2004. 78,559 properties were sold for less than £120,000 compared to 95,190 for the same period in 2004.

Greater London

The average Greater London property price increased by 4.47% from £287,470 in 2004 to £300,329 for the same period in 2005.

The volume of sales decreased by 15.87% from 39,692 in 2004 to 33,393 for the same period in 2005.