Would-be buyers of British properties could be forgiven for feeling confused by the latest house price figures from Nationwide.

The May report from the organisation shows a conflicting picture, with a 0.3 per cent monthly increase in prices.

Over the previous year, however, valuations have fallen by 1.2 per cent – while the quarterly change is a positive 0.6 per cent shift.

Robert Gardner, chief economist at Nationwide, notes the further points for comparison that indicate lacklustre performance.

"House prices increased by 0.3 per cent in May, only just offsetting the 0.2 per cent fall recorded the previous month," he points out.

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, adds that the residential property market is now "largely stagnant".

He suggests that this is a combination of a number of factors, including subdued lending approvals by the banks and low consumer confidence in the wider economy.

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