According to the Nationwide House Price Index, UK house prices increased by 0.4% in May, after taking account of seasonal effects. This resulted in a slight pickup in the annual rate of house price growth to 1.3% in April, from 0.6% the previous month.

Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said: “The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer term interest rates in recent months. Consumer confidence has improved noticeably over the last few months, supported by solid wage gains and lower inflation.”

Mr Gardner also explained that house prices historically appear to be largely unaffected by general elections. “On the whole, prevailing trends have been maintained just before, during and after UK general elections. Broader economic trends appear to dominate any immediate election-related impacts. Rightly or wrongly, for most homebuyers, elections are not foremost in their minds while buying or selling property.”

Nicky Stevenson, Managing Director at national estate agent group Fine & Country, commented: “House prices had been yo-yoing from economic gales, but May's figures indicate calmer waters ahead for the housing market. Previously hesitant home buyers are feeling more confident to pull the trigger on moving plans as financial strains ease.” She added that potential rate cuts later in the year will help to stabilise the situation further. “If current trends persist, the UK housing market could experience a steady rebound, with prices rising moderately in popular areas and hot markets.”