The British Bankers' Association (BBA) released the number of mortgage approvals in the U.K. on Tuesday. The number of mortgage approvals declined to 45,096 in March from 45,646 in February. February's figure was revised down from 45,982.

"For households more widely, consumer credit continues to grow above real earnings growth, as improving consumer confidence and low interest rates combine to stimulate borrowing demand for personal loans, cards and overdrafts," the chief economic advisor at the BBA, Dr Rebecca Harding, said.

"Business borrowing is moderating within distribution, manufacturing, food and accommodation sectors, as large corporates use capital markets for their funding and both large and small businesses continue to build up deposits," she added.