UK house prices up 0.5% in May despite Brexit concerns, says Halifax

The average house price was £237,837. Across March, April and May prices were 2.5% higher than the preceding quarter and up 5.2% year on year, although against the backdrop of a particularly low growth rate in the corresponding period in 2018, Halifax said.

Mortgage approvals were also on the rise, climbing back above 12 month and five year averages as Bank of England industry-wide figures showed the number of mortgages approved to finance house purchases increased by 5.9% in April to 66,261.

The number of actual home sales remains below the five year average of 101,249, coming in at 99,420, but was flat against the previous 12 month average of 99,322.

Russell Galley, managing director at Halifax, said: "We saw a slight increase in house prices between April and May, but the overall message is one of stability. Despite the ongoing political and economic uncertainty, underlying conditions in the broader economy continue to underpin the housing market, particularly the twin factors of high employment and low interest rates."

Galley added that he expected the current trend of stability based on high employment and low interest rates to persist over the coming months, though he stated that any downturn in the wider economy would be keenly felt in the housing market.

Jonathan Hopper, managing director of Garrington Property Finders, said: "Whether the imminent arrival of removal lorries at 10 Downing Street brings more or less stability to Britain’s fractured politics is moot. For both buyers and sellers, uncertainty has become the new normal and for now the property market is, against all odds, working largely as it should."