First-time buyer completions surged by 131% before the stamp duty cutoff. – TNT

First-time buyer mortgage completions increased by 131% year-on-year in March 2025 as buyers raced to finalise purchases ahead of the stamp duty threshold rollback on 1 April.

The spike underscores the urgency felt by first-time buyers determined to avoid the looming tax increase, according to Moneybox, which provided the data.

Felicity Holloway, head of mortgages at Moneybox commented “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. MIPs 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.

“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,” Holloway added.

Stamp duty receipts surge to £1.4bn as buyers raced to beat deadline