The average value of a UK property in May was £220,713, according to government figures, 4.7% higher than the same time last year.

This also marks a monthly rise of 0.5% on April.

The East of England experienced the greatest increase in average property price over the last 12 months, with a rise of 7.5%.

And the North East saw both the greatest monthly price growth in May, with an increase of 1.8%, and the lowest annual price growth with a movement of 1.6%.

Prices fell between April and May by 0.3% in London and the South East.

Paul Smith, CEO of haart estate agents, said: “This month’s house price data shows no evidence of a housing crash, or even prices that are losing momentum.

“First-time buyers, second steppers and families are all having to pull together an extra £10,000 to buy a home today compared to the same time last year. At a time when real incomes are under pressure as inflation overtakes wage growth, it is vital the government gets a grip on housebuilding to ensure there are enough properties available and that people have the ability to and take the next step in their life.”
 
Lucy Pendleton, founder director of independent estate agents James Pendleton, added that sellers were willing to accept offers: “Most vendors are operating in the real world and are prepared to accept a realistic market price. This is keeping the market fluid.
 
“The gradual softening in prices we are seeing will ensure the market avoids a sharper correction. With supply so low and demand still robust given low mortgage rates and strong employment, prices certainly won’t be going off a cliff edge.”