The average house price in England and Wales has gone over £300,000 for the first time.

According to the Your Move house price index, house prices grew 3.1 per cent year-on-year across England and Wales in January, reaching an average of £300,169. However, this was less than half the house price growth (7.3 per cent) recorded in January the year before.

In London, house prices grew 1.3 per cent and hit an average of £598,001. This was largely due to house price growth in the more affordable parts of the capital. In Barking and Dagenham, house prices jumped 13.6 per cent year-on-year, but with an average price of £301,572, houses in this borough are still significantly cheaper than they are in the rest of the city.

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The average house price jumped 11.3 per cent in Waltham Forest to £456,897, and in Redbridge, the average house price rose 10.8 per cent to £449,683.

Your Move said that before January, it had not measured a house price rise in the capital for nine months. The East of England had the highest house price growth of the regions analysed, with the average house price growing 7.1 per cent year-on-year.

Oliver Blake, managing direct at estate agents Your Move and Reeds Rains, said: "It's been a confident start to the year from the housing market. Following a strong December, the performance in January shows a market whose resilience continues to defy the doubters."