Property prices in central London reached an all-time high last year – and transactions hit an all-time low.

The average property price last year in the boroughs of Kensington & Chelsea, and City of Westminster, was £1,818,262, up 3.75%.

However, there were just 3,330 sales during 2016, a fall of 29% from the previous year.

Across Greater London, average prices finished last year 3% down to stand at £584,694.

In the last quarter of the year, transactions were down 29% on the same period the year before.

Average house prices across England and Wales also fell as the year went on, finishing 1.1% down at £278,167.

All the data is newly released from the Land Registry.