The British Bankers' Association (BBA) released the number of mortgage approvals in the U.K. on Tuesday. The number of mortgage approvals increased to 42,530 in May from 42,020 in April. It was the highest reading since March 2014.

"The numbers show that the property market remains buoyant after the general election. Personal borrowing by British families also seems to be strong -- the uptake of personal loans and credit card borrowing is further proof of consumers' confidence," the chief economist at the BBA, Richard Woolhouse, said.