The monthly rise comes after April saw a decline of 0.4%, according to Nationwide.

Annual growth also increased in May by 1.3%, compared with a 0.6% rise in April, with non seasonally-adjusted average prices rising from £261,962 in April to £263,249 in May.

Robert Gardner, chief economist at Nationwide, commented: “UK house prices increased by 0.4% in May, after taking account of seasonal effects.

“This resulted in a slight pickup in the annual rate of house price growth to 1.3% in April, from 0.6% the previous month.

“The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer term interest rates in recent months.

Industry professionals also gave their thoughts on the Nationwide HPI:

Mark Harris, CEO at SPF Private Clients:

“With inflation continuing to fall, it looks increasingly likely that a rate cut is on the cards, perhaps not as early as the June meeting of the BoE but in August.

"This should give the market a welcome boost after the general election, particularly as some would-be buyers have been waiting for the downwards trajectory in interest rates before committing — this, rather than the election outcome, is more likely to influence homebuyer decision making."

Iain McKenzie, CEO at The Guild of Property Professionals:

“In the face of affordability pressures facing millions of households, the property industry is proving how dynamic and resilient it can be.

“House prices across the country are in a state of flux and that is evident if you weigh up the different sources of data being published.

“This is undoubtedly still a good time to market your property, but it is always worth speaking to an estate agent with a good understanding of prices in your area, while house price figures are useful for giving a top-level overview, they do not give you the granular detail that you might need to get the most out of your sale.

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“Inflation came in higher than expected this month, which makes it increasingly unlikely that the BoE will lower interest rates in June.

“For the time being, people on tracker mortgages will face higher repayments and crucially for buyers it also means that some of the most attractive mortgage offers will be slower to return to the market.

“With a general election just around the corner, we would welcome a renewed effort to build more housing and refurbish dormant properties. 

“Ensuring new homes were affordable to first-time buyers would also soften the blow if house prices were to continue to increase.”

Anna Clare Harper, CEO at GreenResi:

“UK house prices increased by 1.4% annually in May, which will be seen as positive news for many, as upward movement in the housing market is generally regarded as a good thing. It's a reflector and reflection of confidence.

“The question everybody is asking is what impact will the election — and its results — have on the property market.

“Elections make investors and aspiring homeowners nervous, however, the truth is that the results of the election are unlikely to make a material difference to house prices.

“This is for two reasons, firstly, the fundamentals won’t change: need continues to outstrip supply for housing as a result of population growth, and the UK’s legal framework and enforcement remains attractive internationally, meaning the market is stable and trusted.

“Secondly, while there may be policies that affect pricing for a small proportion of homes, both parties offer similar approaches — the objective is confidence during their political term, buoyed by house prices.

“For these reasons, fears of dramatic change following the election are overblown; the biggest issue is nerves and inaction in the run-up — so homeowners considering a sale, aspiring homeowners and investors alike will be pleased that the run-up to the election is not too long.”