Average property price increases by 0.7% in January to record £299,138 as market starts year ‘on positive note’

• Business live – latest updates

UK house prices bounced upwards in January to a new record as many buyers rushed to complete deals before a stamp duty increase this spring, according to one of the UK’s biggest mortgage lenders.

The average property price rose by 0.7% in January to a new high of £299,138 after dropping 0.2% in December, Halifax said.