The Nationwide Building Society released its house prices data for the U.K. on Wednesday. UK house prices were up 0.3% in January, missing expectations for a 0.6% rise, after a 0.8% increase in December.

On a yearly basis, house prices fell to 4.4% in January from 4.5% in December. Analysts had expected house prices to rise by 4.7%.

"As we look ahead, the risks are skewed towards a modest acceleration in house price growth, at least at the national level, Robert Gardner, said.