House prices rose by 0.6% in January, meaning that prices have increased for seven months in succession, according to data released by the Halifax.

The average UK home is now valued at 3.6% higher in January than a year earlier, at £169,777.

"The marked reduction in interest rates over the past 15 months has, from a low base, boosted housing demand from those with a sufficient deposit to enter the market," said Halifax housing economist Martin Ellis.