Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Mortgage completions surge 50% as buyers rush to beat stamp duty deadline

by April 21, 2025
April 21, 2025
Mortgage completions surge 50% as buyers rush to beat stamp duty deadline

Mortgage completions soared by 50 per cent in March — the sharpest monthly rise in more than three years — as homebuyers raced to complete purchases ahead of changes to stamp duty thresholds.

According to an analysis of Barclays lending data, first-time buyer activity surged even more dramatically, with completions jumping by 70 per cent compared to February. The rush came ahead of the April 1 deadline, after which the stamp duty exemption for first-time buyers in England and Northern Ireland was reduced from £425,000 to £300,000. For other buyers, the threshold at which stamp duty applies was halved, from £250,000 to £125,000.

Jatin Patel, head of mortgages, savings and insurance at Barclays, described March as a “blockbuster month” for completions. However, he also warned that sentiment was shifting: “For existing homeowners and renters the shift in sentiment reflects the cautiousness felt across the economy as a whole, as consumers are concerned about rising bills and the prospect of global tariffs impacting their wallets.”

This shift is already being felt in the wider housing market. According to a Halifax report published this month, average house prices fell by 0.5 per cent between February and March, reflecting a slowdown in completions post-deadline. The average UK house price now stands at £296,699, down from £298,274 the month before — although still more than £3,000 higher than in the summer of 2022 at the peak of the post-lockdown housing boom.

As the market adjusts to the new thresholds, higher stamp duty costs are beginning to weigh on buyer sentiment. A quarter of existing homeowners surveyed said stamp duty was the biggest barrier to moving up the property ladder — a figure that rose to 40 per cent among Generation Z respondents.

The end of the tax break comes at a time when overall moving costs have been steadily rising. Barclays’ data shows that homeowners who bought in the past year faced additional expenses averaging £13,530, compared to £9,337 for those who bought more than five years ago — reflecting increases in legal fees, surveys and other charges.

Meanwhile, rising living costs continue to squeeze household budgets. Spending on rent and mortgages rose by 5.4 per cent year-on-year in March, down from 7.7 per cent in February, with the dip attributed to the Bank of England holding off further base rate hikes. Nonetheless, consumer confidence remains under pressure, with growing concern among renters hoping to get on the property ladder for the first time.

Read more:
Mortgage completions surge 50% as buyers rush to beat stamp duty deadline

0
FacebookTwitterGoogle +Pinterest
previous post
Shift boss launches legal bid to stall InPost’s £106m takeover of Yodel
next post
The Best Five Sectors, #16

You may also like

John Lewis to end ‘never knowingly undersold’ era...

August 12, 2022

John Barnes banned from company directorships over unpaid...

April 25, 2024

Energy Sources In the UK: A Growing Marketplace

June 8, 2023

HMRC under fire as thousands of ‘bogus’ Chinese...

December 11, 2024

Jaguar joins rivals by delaying full electric transition...

April 15, 2024

Powervault secures £3.8 million to grow British-made electricity...

April 12, 2023

Taxpayers left with £421m bill after one in...

July 29, 2022

TPP is stet to revolutionise investment landscape

November 22, 2023

Majority of UK SMEs abandon international expansion plans...

April 25, 2023

Welsh start-up accelerator announces award-winning entrepreneurs ready to...

December 17, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,570)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved