The Nationwide Building Society released its house prices data for the U.K. on Wednesday. UK house prices were up 0.2% in May, after a 0.2% increase in April.

On a yearly basis, house prices fell to 4.7% in May from 4.9% in April.

"In the near term, it's going to be difficult to gauge the underlying strength of activity in the housing market due to the volatility generated by the stamp duty changes which took effect from 1 April.," Nationwide's Chief Economist, Robert Gardner, said.

"House purchase activity is likely to fall in the months ahead given the number of purchasers that brought forward transactions," he added.