The Bank of England's Monetary Policy Committee (MPC) released its May meeting minutes on Wednesday. All members voted to keep the central bank's monetary policy unchanged.

Two members of the nine MPC said that the decision not to hike interest rate in April was "finely balanced," repeating comments from the last minutes.

MPC members noted that rising house prices in the U.K. posed renewed risks due to a shortage of new homes.

The Bank of England still expects the consumer inflation close to zero due to lower oil and commodity prices, but inflation should pick up by the end of this year.

Policymakers said that the economy will pick up in the second quarter after the weak first quarter due to higher household incomes and consumer spending as prices for food, energy and other goods declined.