First-time buyer mortgage completions surged by 131% in March 2025 compared with the same month last year, according to new data from Moneybox.
The spike came as buyers accelerated purchases to beat the Government’s rollback of the Stamp Duty threshold, which took effect on 1st April.
Completions were 56% above levels expected based on historic trends, underlining the urgency among buyers aiming to avoid increased costs. The Autumn Budget confirmed that the nil-rate Stamp Duty threshold would revert to £125,000 (or £300,000 for first-time buyers), prompting many to bring forward their transactions.
Mortgage applications also rose by 44% year-on-year, though the smaller increase indicates that many buyers had already submitted applications and were focused on completing before 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 several months of increased activity. In December 2024, completions on Mortgages in Principle (MIPs) were up 87% year-on-year. Spikes were also recorded over the festive period, with MIPs rising 70% on Christmas Day and 76% on New Year’s Day.
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.”
