The annual rate of house prices increased by 1.5% last month, compared with a rise of 1.1% in April.

The typical price of a UK home costs £288,688 currently, compared with £288,862.

Regionally, the North West was the strongest performing, with an annual growth of 3.8% in May, with the average house price on the area now sitting at £232,258.

Industry professionals had their say on the Halifax HPI:

Amy Reynolds, head of sales at Antony Roberts:

“Even the prospect of an imminent general election is not deterring buyers and sellers. Our offices are buy, with plenty of viewings and an increase in offers as the weather improves.

“That said, continued uncertainty as to when interest rates might start coming down and the cost of living is leading to some caution, properties spending longer on the market and harder price negotiations.

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“First-time buyers in particular are finding it difficult to raise deposits and are relying on the Bank of Mum and Dad more than ever to buy, especially in London — some stabilising of prices will be welcomed by them in particular."

Jeremy Leaf, estate agent and former RICS residential chairman:

"Although largely reflecting activity from a few months ago at least, we expect this up a bit, down a bit, pattern in house prices to continue.

"In our offices we have seen buyers and sellers gain confidence, not just from the strong employment figures but the expected southerly direction of travel for inflation and mortgage rates, which is outweighing uncertainty surrounding the election.

"In any event, most seem to see little discernible divergence in policy between the two main parties and view the outcome as a foregone conclusion."