UK house prices rise above £300,000 for the first time.

Halifax reports the average UK house price reached £300,077 in January, a 0.7% monthly rise and 1% annual increase. Halifax called the figure a milestone while noting affordability remains a challenge.

Halifax reported that the average UK house price rose to £300,077 in January, marking the first time the national average has passed £300,000. The lender said this was a 0.7% increase from December, reversing a 0.5% fall, and that prices were up 1% compared with a year earlier. Halifax described the number as a milestone and noted that affordability remains a challenge for many prospective buyers. The building society added that prices have been modest over the past three years after larger gains earlier in the decade. Key facts: - The average UK house price was reported at £300,077 in January, up 0.7% month-on-month and up 1% year-on-year. - Halifax said this is the first time the average has exceeded £300,000 and highlighted ongoing affordability pressures. - Halifax forecasted that house prices could rise between 1% and 3% over the coming year. - Rival lender Nationwide reported a separate estimate of an average price of £270,873 in January, up 0.3%. Summary: House prices have reached a nominal milestone, showing modest recent gains alongside continued affordability concerns for some potential buyers. Halifax has offered a short-term forecast of modest further growth. Undetermined at this time.