The building society found that property prices inched up 0.6% last month, taking the average UK house price to £205,846 and the annual rate of growth to 4.5%.

Robert Gardner, Nationwide’s chief economist, said: “The annual rate of house price growth was little changed in February at 4.5%, only slightly higher than the 4.3% recorded in January.

“The outlook is uncertain, but we, along with most other forecasters, expect the UK economy to slow through 2017 as heightened uncertainty weighs on business investment and hiring. Consumer spending, a key engine of growth in recent quarters, is also likely to be impacted by rising inflation in the months ahead as a result of the weaker pound.

“Nevertheless, in our view a small rise in house prices of around 2% is more likely than a decline over the course of 2017, since low borrowing costs and the dearth of homes on the market will continue to support prices.”

Tarlochan Garcha, CEO at peer-to-peer property lending platform, Kuflink, added: “Despite a wave of economic uncertainties, upcoming tax changes and the spectre of Brexit, the housing market is standing remarkably stable.

“The predicted unravelling of the property market post Brexit has simply not materialised. But the harsh reality remains that the gap between supply and demand is gargantuan.”