Average house price above £300,000 for first time, says Halifax

Average house prices have edged above £300,000 for the first time, according to Halifax.

The Halifax, part of Lloyds Banking Group – the UK's biggest mortgage lender - said the average UK property price rose to £300,077 in January.

It described the figure as a "milestone", and potentially daunting for first-time buyers.

However, it said wage growth had outstripped house price inflation since 2022, helping affordability.

Lenders are also competing for first-time buyers by releasing products that allow them to offer a smaller deposit in recent weeks.

House price surveys make their estimates in different ways, based on their own mortgage lending.

Average house prices, according to the Halifax, are higher than many other surveys.