Overview

• Mortgage completions rose by 50% in March, the highest level since September 2021, as buyers sought to avoid increased stamp duty costs.
• First-time buyer completions surged 70% compared to February, reflecting the urgency to capitalize on the previous tax-free threshold of £425,000.
• New stamp duty thresholds, effective April 1, reduced tax-free limits to £300,000 for first-time buyers and £125,000 for others, raising costs for many buyers.
• Average house prices fell by 0.5% in March, attributed to deals failing to close before the stamp duty relief ended.
• Rising expenses, including rent and mortgage payments, continue to strain household budgets, with recent homebuyers needing £13,530 on average to cover buying costs.