There was a dramatic surge in mortgage completions ahead of the stamp duty thresholds being lowered, data from Moneybox has revealed.
The rollback, announced in the Autumn Budget, saw the nil-rate stamp duty threshold return to £125,000 (and £300,000 for first-time buyers), a change that risked adding thousands of pounds to home purchase costs.
While mortgage applications also rose by 44% year-on-year, the more modest increase suggests that many buyers had already set their plans in motion and were fast-tracking completions ahead of the deadline.
Felicity Holloway, head of mortgages at Moneybox, said: “This significant spike in March completions shows just how determined first-time buyers were to cross the finish line before the stamp duty changes came into effect.
“It’s a powerful reminder of how tax policy can influence buyer behaviour and highlights the continued resilience and resolve of this group in an often challenging market.”
The March surge followed months of growing momentum.
In December 2024 alone, completions on Mortgages in Principle (MIPs) were up 87% year-on-year.
Mortgages in Principle also spiked over the holiday period, with a 70% increase on Christmas Day and 76% on New Year’s Day, suggesting that the government’s announcement prompted many to rethink their timelines—even during the festive season.
Holloway added: “Even though the deadline has now passed, we continue to see strong interest from first-time buyers who remain committed to getting on the property ladder in 2025.”
