UK house prices rise by 11% in a year

Nationwide report showing property prices have risen by 11.1% over the last year also marks the second month in a row where annual growth in property values has hit double digits, following a 10.9% year-on-year uplift in April.

But on a monthly basis, prices rose by 0.7% in May, which represents a slowdown compared with the 1.2% monthly increase seen in April.

Property values have now been edging up for 13 months in a row on a month-on-month basis. Across the UK, average house prices now stand at £186,512.

Robert Gardner, Nationwide's chief economist, said it is "too early" to say whether the housing market is seeing the start of a cooling trend.

Mr Gardner said some signs of a slowdown may partly be due to toughened mortgage lending rules introduced in April, "which may take a few months to bed down".

House prices leapt by 11.1% over the 12 months to May to reach £186,512 on average across the UK, marking the fastest annual growth seen since June 2007, Nationwide Building Society has reported.