"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"
- Felicity Holloway - Moneybox
First-time buyer mortgage completions skyrocketed by 131% year-on-year in March 2025 as buyers raced to finalise purchases ahead of the Government’s Stamp Duty threshold rollback on April 1st.
The data, from Moneybox, revealed that the spike was 56% higher than expected based on historic trends and underscores the urgency felt by first-time buyers determined to avoid the looming tax increase. The rollback, announced in the Autumn Budget, saw the nil-rate Stamp Duty threshold return to £125,000 (and £300,000 for first-time buyers), a change that risked adding thousands of pounds to home purchase costs.
While mortgage applications also rose by 44% year-on-year, the more modest increase suggests that many buyers had already set their plans in motion and were fast-tracking completions ahead of the deadline.
“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," explained Felicity Holloway, head of mortgages at Moneybox, "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 months of growing momentum. In December 2024 alone, completions on Mortgages in Principle (MIPs) were up 87% year-on-year. 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.
“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,” Holloway added.
“At Moneybox, we’re proud to support the UK’s largest community of aspiring first-time buyers and our award-winning homebuying service was built specifically to meet their needs. From those first steps of saving for a deposit, to securing the right mortgage, and finally getting the keys to their new home, we’re here to guide them every step of the way with clarity and confidence.”
