Average UK house price exceeded £300k in January

New data suggests that the average UK house price has, for the first time, exceeded £300,000.

According to estate agent Your Move’s latest House Price Index, property values grew by 0.3 per cent this January, pushing the cost of an average UK home up to £300,169 – almost £10,000 more than the average price of £291,165 recorded during the same month last year.

In London, house prices grew by 1.3 per cent and hit an average of £598,001, while Your Move’s data suggests that nationally, property prices have ‘doubled’ since November 2002.

Reports also suggest that market activity was ‘higher than usual’ last month, with 60,000 residential transactions recorded.

Oliver Blake, managing director at Your Move and Reeds Rains estate agents, said: “It’s been a confident start to the year for the housing market.

“Following a strong December, the performance in January shows a market whose resilience continues to defy the doubters”.

A separate study carried out by fellow estate agent Countrywide in recent weeks has revealed that an increasing number of buy-to-let investors are purchasing properties using cash.

According to their research, 61 per cent of all landlord purchases last month were cash transactions – the highest figure recorded since 2007.