The annual change was described as ‘broadly stable’ by Nationwide with the 1.5% increase in June following a 1.3% rise last month — this was despite a fall in monthly change, from 0.4% in May, to 0.2% in June.

The average non-seasonally adjusted price of a house sits at £266,064, compared with £264,249 in May.

According to the findings, Northern Ireland was the best performing region with a 4.1% rise over Q2, while East Anglia had the weakest performance with a fall of 1.8% year-on-year.

Industry professionals had their say on the Nationwide HPI:

Maeve Ward, head of intermediary sales at Together:

“Prices are up again and show some resilience — but the market is in a very interesting position right now.

“With the Bank of England holding interest rates again, many first time buyers, home movers and investors who have been waiting may delay their plans further.

“However, others may see this as an opportunity; snapping up property deals as some banks cutting their rates.

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“The outcome of next week’s election will be critical to the direction the property market takes — home-buyers, landlords, developers and investors will be watching closely to see whether the new Government can deliver on its manifesto commitments to address the UK’s housing issues.”

Tomer Aboody, director at MT Finance:

"A slight change but the market was mostly stable in June, which is a reflection of overall recent sentiment, with interest rates remaining steady along with inflation reducing.

"We are possibly looking at a reduction in interest rates shortly which will inevitably lead to a price and activity increase in the housing market.

"A push from government is needed to increase activity, and hopefully after the election, whoever is running the country will look to implement some sort of change in order to assist buyers."

Mark Harris, CEO at SPF Private Clients:

“With inflation hitting the Bank’s 2% target, we are edging ever closer to that first rate cut, perhaps as soon as next month.

“After years of rising rates, followed by months of holds, that first reduction when it comes will send an important message to borrowers, enabling them to plan their moves with more confidence — in many ways it will influence homebuyer decision-making far more than the outcome of the election, which many feel is a foregone conclusion.

"That said, borrowers will still have to get used to paying more for their mortgages, with the days of rock-bottom rates long gone."