According to the report from Bank of England, mortgage approvals for house purchase fell in March to 56,200, their lowest level since March 2013. Economists had expected a decline to 60,000 from 73,670 in February.

The rate on new variable-rate mortgage borrowing fell by 17 basis points in March, while the cost of fixed-rate mortgages was little changed.

Sterling money holdings and borrowing both rose to their all-time series highs, of £57.4 billion and £55.3 billion respectively.

Within that, UK businesses' deposits rose by £34.0 billion and their bank loans borrowing rose by £34.1 billion, also both record increases.

The interest rate paid on businesses' new borrowing fell by 20 basis points, with SMEs seeing larger falls.

Households repaid £3.8 billion of consumer credit, on net, in March.

In March, interest rates paid on businesses' new deposits fell by up to 26 basis points, but household deposit rates were little changed.