According to the figures, prices rose by 0.3% month-on-month, after taking account of seasonal effects, the 11th consecutive monthly increase. Most regions across the UK saw slight slowing in annual growth across the second quarter of 2022 as a whole.

However, the price of a typical UK home climbed to a new record high of £271,613, with average prices increasing by over £26,000 in the past year.

The index has revealed a softening in annual house price growth in nine of the UK’s 13 regions. The South West overtook Wales as the strongest performing region in Q2, with house prices up 14.7% year-on-year, a slight increase from the previous quarter. This was closely followed by East Anglia, where annual price growth remained at 14.2%.

Scotland saw a 9.5% year-on-year rise in house prices, while Wales saw a slowing in annual price growth to 13.4%, from 15.3% in the first quarter. Price growth in Northern Ireland was similar to last quarter at 11.0%.

Robert Gardner, Nationwide’s chief economist, said that there are “tentative signs of a slowdown” in the market, with the number of mortgages approved for house purchases falling back towards pre-pandemic levels in April and surveyors reporting some softening in new buyer enquiries.

He said: “Nevertheless, the housing market has retained a surprising amount of momentum given the mounting pressure on household budgets from high inflation, which has already driven consumer confidence to a record low.

“Part of the resilience is likely to reflect the current strength of the labour market, where the number of job vacancies has exceeded the number of unemployed people in recent months. Furthermore, the unemployment rate remains close to 50-year lows. At the same time, the stock of homes on the market has remained low, which has helped to keep upward pressure on house prices.”

He added that the market is expected to slow further as pressure on household finances intensifies in the coming quarters, with inflation expected to reach double digits towards the end of the year.

He continued: “Moreover, the Bank of England is widely expected to raise interest rates further, which will also exert a cooling impact on the market if this feeds through to mortgage rates.”

“These trends may reflect a shift in housing preferences; our housing market surveys have pointed to the majority of people looking to move to less urban areas. Our research found that predominantly rural areas have seen stronger price growth in recent years than predominately urban areas.”

Mr Gardner concluded: “We’ve also seen strong house price growth in a number of areas closely associated with tourism, including parts of Devon, South Wales, the Cotswolds and the Broads. This suggests some of the demand may be being driven by those buying holiday or second homes.”