The average UK house price fell by 0.1% month on month or or around £170 in cash terms in May, according to an index.

The typical property value was £288,688, which was 1.5% higher than a year earlier, Halifax said.

Amanda Bryden, head of mortgages, Halifax, said: “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.

“A period of relative stability in both house prices and interest rates should give a degree of confidence to both buyers and sellers.

“While home buyers 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.”

Nathan Emerson, chief executive at property professionals’ body Propertymark said: “With a general election now on the horizon, there may be potential caution from buyers and sellers, especially those hoping to step onto the housing ladder for the first time.”

Myles Moloney, area sales manager at estate agent Chase Buchanan, said: “Pricing remained stable, with well-presented family homes being particularly popular and in many cases receiving multiple offers.

“As rent levels continue to hold, or in some areas likely increase further over the coming months, we expect to see more aspiring homeowners beginning their property search which will fuel a competitive property market this summer.”

Zoopla reported on Friday that annual rental price inflation for new lets was running at 6.6% in April, with the average rent having increased by £80-per-month compared with a year earlier.

While rental demand has softened over the last year, there are still 15 people chasing every home for rent, more than double the pre-pandemic average of six people, Zoopla said.

Sam Mitchell, chief executive of Purplebricks said: “We are seeing the property market continue on its road to recovery, with good stock coming to market and a sharp increase in viewings.”

Foxtons chief executive, Guy Gittins, said the estate agent has “seen no inkling of election related jitters on either the side of buyers or sellers”.

Jeremy Leaf, a north London estate agent said: “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.”

Yopa chief executive Verona Frankish, said that when a Bank of England base rate cut “does materialise, we expect the current rate of house price growth to accelerate”.

Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners said: “Buyers should remember they can lock in a (mortgage) deal up to six months ahead of the start of their mortgage term, with the option to switch to a better rate should it come along in the meantime.”

Here are average house prices in May and the annual change, according to Halifax (regional annual change figures are based on the most recent three months of approved mortgage transaction data):

East Midlands, £238,055, minus 0.4%

Eastern England, £329,853, minus 0.8%

London, £536,821, 0.2%

North East, £172,449, 1.9%

North West, £232,258, 3.8%

Northern Ireland, £191,767, 3.2%

Scotland, £204,952, 1.9%

South East, £384,871, minus 0.2%

South West, £302,021, 0.4%

Wales, £219,483, 0.7%

West Midlands, £252,745, 0.8%

Yorkshire and the Humber, £206,351, 0.9%