This figure is still below the 2022 monthly average of 62,700. Experts attribute the rise to a more stable and competitive mortgage market, which has encouraged buyers to re-enter the housing market.

Consumer credit growth accelerated for the sixth consecutive month, reaching 7.9% in March, up from 7.7% in February. Credit card borrowing growth slowed from 13.2% to 12.8%, while other forms of consumer credit increased from 5.4% to 5.8%.

Households collectively withdrew £4.8 billion from banks and building societies in March, compared to a net deposit of £2.6bn in February.

National Savings and Investment (NS&I) accounts saw £3.5bn in deposits during March, the highest total since September 2020. UK non-financial businesses borrowed £2.5bn of bank and building society loans, including overdrafts, in March, as opposed to £4.3bn of net repayments in February.