First-time buyer completions rocketed up by as much as 131% year-on-year in March 2025 as they rushed to complete purchases before April’s Stamp Duty deadline, according to mortgage lender Moneybox.

That is 56% higher than historic trends for the period and, says Moneybox, while all mortgage applications also rose by 44% year-on-year, the more modest average increase suggests that many buyers had already set their plans in motion and were fast-tracking completions ahead of the deadline.

Determined first-time buyers

Holloway comments: “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.”

According to the lender, the March surge followed months of growing momentum. In December 2024 alone, completions on Mortgages in Principle (MIPs) were up 87% year-on-year.

Even though the deadline has now passed, we continue to see strong interest from first-time buyers.”

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.

Holloway adds that: “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.”

Moneybox is a free mortgage finder service with access to over 90 lenders.