Rightmove's monthly House Price Index found that average selling prices have increased by just 0.4% this month, compared to 3.6% in April. This is the lowest rate of increase so far this year.

Rising interest rates are thought to be reflected in the pricings, the website said. It also pointed to the extra properties that sellers were putting on the market ahead of HIPs' introduction.

A spokesman said:

"The added incentive for both them and their estate agents is to potentially save several hundred pounds by avoiding the cost of a HIP.

"This seems to be swelling the choice for buyers and shrinking the pace of price rises for sellers."