Some 63,531 mortgage approvals for house purchase were recorded in March, marking the highest total since 64,520 approvals in November 2025, the Bank’s Money and Credit report said.
The report said the March total was above a monthly average of around 63,200 approvals seen over the previous six months.
Approvals for remortgaging, which only capture remortgaging with a different lender, also increased, to 51,300 in March, from 41,200 in February.
The figures were released as Nationwide Building Society said the average house price increased by 3.0% annually in April, accelerating from 2.2% annual growth in March.
Property values increased by 0.4% on average month-on-month in April, taking the typical UK house price to £278,880 – a new record high in cash terms – according to Nationwide.
Dan Hill, a research analyst at Savills, said: “Much of this data reflects buyers and homeowners acting with urgency to secure a lower rate.”
Karim Haji, global and UK head of financial services at KPMG, said: “The uptick in approvals for house purchases and remortgaging is surprising given the surge in rates during March.
“This may point to some resilience in the market, but overall affordability remains under pressure.”
Jason Tebb, president of OnTheMarket, said: “Our own property sentiment index suggests resilience and optimism among buyers and sellers. Even against a backdrop of ongoing political and economic turbulence, attitudes towards affordability, property values and moving home remain remarkably consistent.”
The Bank of England report also said the annual growth rate for all consumer credit accelerated to 8.9% in March, from 8.6% in February.
Within this total, the annual growth rate for credit card borrowing increased to 12.3%, from 12.1% previously.
Households’ deposits with banks and building societies increased by £5.5 billion in March, following net deposits of £6.2 billion in February, the Bank said.
This was partly driven by an additional £4.4 billion of cash flowing into Isas in March, leading up to the end of the tax year.
Sarah Coles, head of personal finance at AJ Bell, said: “Homebuyers snapped up mortgages in March in an effort to pick up affordable deals before they disappeared.
“It meant the highest number of approvals for new purchases in four months.
“Meanwhile, cash Isas dominated savings as the end of the tax year approached and savers looked ahead to the reduction of the annual allowance from next April.”
She added: “With inflation looming, it’s vital to consider the role that cash plays in your life.
“While it’s likely the right home for money over the next five years, for any cash that you don’t expect to need for longer, investing could well be the best course of action.”
The value of investments can go down as well as up and people may want to consider their risk appetite.
Also in March, UK non-financial businesses borrowed, on net, £7.0 billion of loans from banks and building societies, including overdrafts, following £4.2 billion of net borrowing in February.