Average house prices in the three months to May were 3.3% higher than in the same period of 2016, according to the latest figures from Halifax.
The bank reports, however, that annual growth has been tempered by a quarterly fall of 0.2%.
The difference between December-February and March-May is only the second quarterly fall to be recorded since November 2012.
Between May and April, Halifax calculates that average prices increased by 0.4%.
The average national house price was recorded at £220,706 in May - £66,043 higher than the low reported in April 2009 and 11% higher than the August 2007 peak.
“After reaching a recent peak of 10% in March 2016, the annual house price growth has since fallen to 3.3% in May," explains Martin Ellis, Halifax's housing economist.
“The fact that the supply of new homes and existing properties available for sale remains low, combined with historically low mortgage rates and a high employment rate, is likely to support house price levels over the coming months,” he says.
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