A website address has been bought for £600,000, making it the most expensive co.uk domain name in history.

The founder of online gold retailer BullionByPost, Rob Halliday-Stein, paid the figure for www.gold.co.uk. The previous record was held by www.cruise.co.uk, which was bought for £560,000.

The domain name was originally bought by Jack Gold in 1996. Mr Halliday-Stein tried to purchase gold.co.uk when he launched BullionByPost in 2008 but said he couldn't afford the £50,000 asking price. Seven years later, it changed hands several times.

"Whilst this is a significant amount to pay I strongly believe the domain will prove to be great value over the long term," said Rob Halliday-Stein.

"The internet is now by far the UK's most important high street and this prime piece of virtual real estate and strong memorable brand is already showing signs of being a great investment".

While it is believed to be the most expensive domain name in UK history, it is minuscule compared with the US record. In 2010, insurance.com was bought for a whopping $36.5 million.