March brought spike in first-time buyer completions

April 30, 2025 by Brendan O'Neill

Surveys and Statistics

The number of mortgage completions by first-time buyers saw an enormous spike over the course of March with the looming Stamp Duty deadline being credited as the main reason.

There was a rise of 131% in first-time buyer completion numbers when compared with March of 2024. This figure is taken from research published by Moneybox and is mostly being attributed to the Stamp Duty deadline. It was a much bigger rise than the expected 56% as first-time buyers rushed to get deals over the line before the Stamp Duty threshold was lowered. The threshold changed on the 1st April, increasing the expense of buying a home.

It was not just completion numbers that rose significantly during the month, as the same was true for application volumes. These went up by 44% in comparison with last March. The fact that their growth was slower is likely due to most first-time buyers having applied before March and using that month to finish the process.

Moneybox Head of Mortgages, Felicity Holloway, told Mortgage Introducer that the big March rise shows that buyers were willing to do everything they could to beat the deadline. She then stated:

“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 lowering of the threshold for Stamp Duty is certainly another point that will make life tougher for first-time buyers now. It means they will need the help of those with CeMAP training even more.