According to Nationwide, there was a 0.4% increase in home prices in May over April.
According to the report, the average price of a property is currently £264,249, and prices have increased by 1.3% year.
The data shows that month-over-month prices have increased after declining by -0.4% and -0.2% in April and March, respectively, on Nationwide’s index.
Other lenders have also noticed slight drops in recent months.
Robert Gardner, chief economist of Nationwide, stated: “After the increase in longer-term interest rates in recent months, the market seems to be exhibiting resilience in the face of persistent affordability pressures.
“Over the past few years, consumer confidence has significantly increased.”
He went on to say that there was little chance that the forthcoming general election would affect the market in the near future.
Previous national surveys, according to Mr. Gardner, “do not appear to have generated volatility in house prices or resulted in a significant change in house price trends”.
It also aligns with concerns about rising borrowing rates contributing to the home market’s subdued demand.
In April, inflation fell to 2.3%, the lowest level in over three years.
