The Halifax report that the annual rate of house price growth is continuing to slow.
Over the last three months there has been virtually no change in prices, the Halifax said.
Since March property prices have fallen by 0.2%. This was only the second quarterly drop since November 2012.
However between April and May, prices actually rose by 0.4%.
Exuberant property bubbles always burst, a gradual slowing is far better than a sudden collapse.