House price growth accelerated in February, with the average property value standing 4.5% higher than a year ago, according to an index.

A 0.6% month-on-month price increase in February took the average UK property value to £205,846, Nationwide Building Society said.

In January, annual house price growth had stood at 4.3% and house prices had increased by 0.2% month-on-month.

Robert Gardner, Nationwide's chief economist, said a small rise in house prices of around 2% is more likely than a decline over the course of 2017, as low mortgage rates and a dearth of homes on the market continues to support prices.

He said: "Recent data suggests that the UK economy has continued to perform relatively strongly."

Mr Gardner continued: "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."