The number of home loan approvals climbed to a seven month high in March.

The Bank of England said approvals for house purchase - loans agreed but not yet made - rose to 91,000 last month from an upwardly revised 86,000 in February.

"Youd be hard pressed to say that the housing market is spiralling down. If anything it may be stabilising and showing signs of a bounce," said Geoffrey Dicks, UK economist at RBS Financial Markets."