Santander has reported a 130% increase in mortgage applications between Q4 2023 and Q4 2024 as buyers rush to secure a property purchase before the Government’s Stamp Duty deadline.
The bank estimates the average property purchase takes four months from mortgage offer to completion.
This means buyers securing a mortgage offer before the end of 2024 will have maximised their chances of benefiting from lower stamp duty costs ahead of the 1 April 2025 deadline.
In the South East, where the average house price is £385,600, first-time buyers could save up to £4,280 in Stamp Duty by purchasing before 1 April.
In London, where property prices are highest at £535,700, the potential saving rises to £11,250.
Graham Sellar, head of intermediary channel – mortgages at Santander, said: “We all know that buying a home – whether it’s our first or our forever home – comes with significant costs.
“Every penny counts when considering things like legals and removals costs, so it’s great to see so many people make the most of the holiday and secure their new home ahead of 1 April.”
