House prices in the three months to May were 3.3% higher than in the same period of 2016.

Prices in the three months to May were 0.2% lower than in the preceding quarter.

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. "House prices have again fallen over the past three months. Overall, prices in the three months to May were -0.2% lower than in the preceding three months; the same rate as in April. "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."