The housing market has retained a surprising degree of of momentum," said Robert Gardner, Nationwide's chief economist.
However he did say there were tentative "tentative signs of slowdown in activity".
The Bank of England is expected to increase rates by as much as 0.5% on Thursday and that could "exert a cooling impact on the market" he said.
"We continue to expect the market to slow as pressure on household budgets intensifies in the coming quarters, with inflation set to reach double digits towards the end of the year."
BBC News