We have now seen a May price record for the last five years, however, Rightmove’s data shows that this month’s seasonal price increase was the lowest at this time of year since 2016, as the 10-year-high number of homes for sale restrains price growth.

The number of new properties coming onto the market for sale was 14% ahead of this time last year

In addition to the less than usual price increase, there was a fall in new buyer demand following April’s stamp duty increase and  an exceptionally busy March.

As new seller activity outpaces new buyer demand, Rightmove suggests some flexibility on price expectations is required to achieve a sale.

From the perspective of affordability of the buyer, Rightmove says the latest Bank Rate cut could provide a boost to buyer affordability and activity later in the year. Rightmove’s weekly mortgage tracker shows that the lowest available two-year fixed mortgage rate is now 3.72%, down from 4.75% last year.

Commenting on the latest figures Rightmove property expert Colleen Babcock said: “It’s another new price record this month, but having seen a May price record for the last five years, it appears to be driven more by seasonal factors given that new buyer demand has slowed.”

She added: “In the current market, buyers may well have several similar homes to choose from in their area, and a home which appears over-priced compared to the competition may not get a second look. This month’s price increase being the lowest in May for nine years is a sign of a market that favours buyers and is more subdued than usual.”

North London estate agent and a former RICS residential chairman  Jeremy Leaf said: “The recent base rate reduction seems to have made little or no difference to the approximately four out of five of our sellers who are also buyers.  Most are concentrating on the difference between sale and purchase price rather than the headline figure achieved, particularly while activity remains relatively subdued and buyers are in charge.

“However, this latest Rightmove survey shows that some sellers are still not getting it as a significant proportion of asking prices remain stubbornly high. Offers received now may be the best available for some time bearing in mind the significant choice available. “

MT Finance director Tomer Aboody commented that as interest rates reduce, we should see affordability increase which in turn will encourage buyers to be active. This should produce a more buoyant market with higher transaction levels.

“In the meantime, buyers and sellers may well take stock of the current economic climate and wait and see before making their move. If there is another rate reduction in the latter half of the year, we could see a big rush in activity in the final quarter.”