Barclays’ recent Property Insights report found that, on average, the number of mortgage applications was 26% higher every month since the Autumn Budget, when it was announced that the stamp duty threshold would return to 2022 levels.
The bank said this was mostly driven by a 59% rise in first-time buyer purchases, whose share of completions had increased by seven percentage points to 36%.
From 1 April, the nil rate for stamp duty will fall from £250,000 to £125,000 and could result in homebuyers paying an additional £6,512 for purchases.
Lee Chiswell, head of mortgages at Barclays, said: “We’re pleased to see incredibly strong demand for mortgages right now, thanks to a combination of our highly competitive rates and a rush among buyers to beat the stamp duty deadline.
“We’ve partnered with brokers and solicitors in anticipation of this busy time and are well-prepared, completing many purchases early. We’re encouraging conveyancers to get us their Certificates of Title as early as possible and, at latest, by 25 March to guarantee completion.”
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This announcement comes after Lloyds Banking Group said it would aim to complete mortgages before 25 March to help people benefit from the higher stamp duty threshold.
