The price of an average property in the UK rose by 2.6% between May 2012 and 2013, according to the latest Halifax House Price Index.
Signs of improvement in the housing and mortgage sectors over recent months have helped drive up average property prices, as sellers attempt to achieve a higher price for their home.
The value of a typical home in May stood at £166,898, representing the sixth consecutive quarterly increase in prices.
Housing economist, Martin Ellis, said: "House prices continue to pick up gradually. Prices in the three months to May 2013 were 1.5% higher than in the preceding three months. This was slightly higher than the 1.3% increase in the three month-on-three month measure in April.
"Market activity has also improved slightly in recent months although home sales remain low by historical standards.
"Despite these recent signs of improvement in the housing market, the subdued economic background and the accompanying weak income growth continue to be a significant constraint on housing demand and activity," he concluded.
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