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House prices recorded their third monthly decrease in a row in May - the first time this has happened since 2009 - according to the latest figures from Nationwide.

The building society said values dipped by 0.2% month-on-month in May, following a 0.4% decrease in April and 0.3% in March.

Across the UK, the average price was £208,711 in May, marking a 2.1% year-on-year increase.

A year earlier, price growth was more than double this rate, at 4.7%.

Robert Gardner, Nationwide's chief economist, said it is too early to know whether the slowdown is "merely a blip", a reflection of the squeeze on household budgets, or is due to mounting affordability pressures in key areas.

But others are less unsure.

“The irony is that just two months ago activity in many areas was brisk, as the clouds of Brexit hesitancy began to part. But the election announcement hit the market like a thunderbolt and has put on ice the typical spring surge in buyer interest," said Jonathan Hopper, managing director of Garrington Property Finders .

“The last time house prices fell for three months in a row was in the dark days of 2009.

"While the property market – and the economy – are a world away from then, the 2017 dip is slowly turning into a downturn."

Not just the election pushing down prices

Russell Quirk, founder of online estate agent eMoov.co.uk , pointed out there was more going on than just the General Election.

"It is unclear as to whether the market is losing momentum or if buyer demand is unseasonably hibernating due to the oncoming election," he said.

"House prices, along with the gap when compared to earnings, have continued to increase and such a pattern is unsustainable in the long term."

Not a usual year

Experts are hoping that after the election the dust will settle and the housing market will recover - but they're not certain.

Nationwide's Gardner said analysis shows past general elections do not appear to have generated volatility in house prices or resulted in a significant change in trends.

"Broader economic trends appear to dominate any immediate election-related impacts," he explained.

"Rightly or wrongly, for most home buyers, elections are not foremost in their minds while buying or selling their home."

But things might be different this time around according to eMoov's Quirk.

"Previous years were a tad more routine that a snap election called in the middle of negotiations to leave the EU and it is likely that the market is seeing an influence from both sides.

"It is likely that we will see the market let off a little steam and naturally adjust over the coming months and overall it should stabilise once the election dust has settled and buyer confidence returns to full force."