UK house prices lift 0.3% in May

Britain's house prices increased by 0.3 per cent month-on-month in May, Nationwide Building Society reports.

UK property values increased to £195,166 ($A385,094) on average, surpassing an all-time high of £193,048 the previous month.

April was the first time Nationwide had recorded typical UK house prices over the 190,000 mark.

But the figures showed house price growth has slowed down, at 4.6 per cent higher in May than a year earlier, slowing from an annual growth rate of 5.2 per cent in April.

The 0.3 per cent month-on-month increase follows 1 per cent monthly growth in April.