House price growth slowed yet again last month in the run-up to the General Election.

Data from the Halifax House Price Index shows values increased 3.3% annually to £220,706, slower than the 3.8% rate of growth recorded in both March and April and three times less than the 9.2% recorded at the same time last year.

However, prices did increase on a monthly basis for the first time in five months, growing 0.4%.

Martin Ellis, Halifax housing economist, said: “After reaching a recent peak of 10% in March 2016, the annual house price growth has since fallen to 3.3% in May.

“The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, is likely to support house price levels over the coming months.”

Commenting on the figures, Lucy Pendleton, director of James Pendleton estate agents, said: “We are in a sideward-moving, not downward-spiralling, market.

“The real issue in the market at present is a reduction in the number of buyers, with more cautious landlords a key factor in this.

“Stock is less an issue than some are making it out to be.

“While first-time buyers, spurred on by exceptionally cheap mortgage finance and some helped by the Bank of Mum and Dad, are taking up a good level of the slack, landlords are still weighing up their options.

“Who can blame them? There has been a lot of change over the past year or two.”