Average house price growth in the UK remained broadly stable during May, falling just 0.1% on a monthly basis.

According to the latest Halifax House Price Index, the fall was worth around £170 in cash terms, to leave the average UK house price at £288,688.

In terms of annual growth, May was the sixth consecutive month to register an increase, up by 1.5% compared to 1.1% in April.

Head of mortgages at Halifax, Amanda Bryden, said that market activity “remained resilient throughout the spring months”, supported by strong nominal wage growth and some evidence of an improvement in confidence about the economic outlook.

“This has been reflected in a broadly stable picture in terms of property price movements, with the average cost of a property little changed over the last three months,” Bryden added.

“A period of relative stability in both house prices and interest rates should give a degree of confidence to both buyers and sellers. While homebuyers and those remortgaging will continue to respond to changes in borrowing costs, set against a backdrop of a limited supply of available properties, the market is unlikely to see huge fluctuations in the near term.”

Reacting to Halifax’s data, Foxtons CEO, Guy Gittins, said that the figures are “further proof that the UK property market is in great form”.

“While this may have started with an initial spring surge in buyer interest, we now look set for a summer of sustained market activity,” added Gittins.

“In recent weeks we’ve seen buyer enquiries peak to some of their highest levels in recent years and sellers are responding favourably with the same peak being seen in the number of offers accepted. This is despite the fact that interest rates are yet to come down.

“We’ve also seen no inkling of election related jitters on either the side of buyers or sellers.”

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