Data from the Office for National Statistics and Land Registry have shown that average property price has risen to £211,230. London has experienced the greatest annual increase of 13.6%.

Even though the North-East region had the lowest annual price growth at 3.2%, it has benefited from the greatest monthly growth at 2.1%. In regards to mortgages, there was an 8.7% annual increase and 1.2% monthly increase in property transactions secured via mortgages.

In the month of April, it was announced that house sales had fallen by 42.3% (month-on-month), to their lowest level since May 2013. Increases in house sales in May have been minimal at 1.5% (provisional and seasonally adjusted).

Alex Gosling, CEO of HouseSimple.com, believes the data shouldn’t be used to gauge the current market.

"In the current climate, what happened to the property market in May is largely irrelevant.

"In the wake of the EU referendum result, it's now all about what happens to the property market next. And that's the big unknown.

"If the May rise imparts anything of note, it's how the underlying imbalance between supply and demand has the potential to prevent prices from falling materially.”

In reaction to that news, founder and CEO of eMoov.co.uk, Russell Quirk, commented: “In terms of sales volume, the market has certainly levelled out since the artificial spike of April’s stamp duty deadline.

“Although there has only been a slight recovery, this is to be expected and [it] will probably take a month or two more before it returns to a level we might expect for this time of year."

Andy Sommerville, director of Search Acumen, believes housing is an issue for politicians. “As Theresa May begins her term in office with new housing minister Gavin Barwell, there is an opportunity for a new approach to tackling the housing shortage.

“Housebuilders need confidence in order to get on with what they are good at – building homes – and further planning reform is one way to achieve this, something which must stay on the agenda despite Brexit. “