Try
@Html.LabelFor(m => m.FavouriteThingName, Model.FavouriteThingID);
As the label is for the textbox for property FavouriteThingName
.
Update
From comments below.
If your property is an int
convert to string
.
@Html.LabelFor(m => m.FavouriteThingName, Model.FavouriteThingID.ToString());