UK mortgage completions up 50% in race to avoid rise in stamp duty

The number of mortgage completions in the UK increased by 50% during a "blockbuster" March as buyers raced to avoid higher stamp duty payments, according to Barclays.

- Gwyn Topham

The lender reported its busiest month in the UK property market in years with the highest number of mortgages completed since September 2021, when low interest rates were fuelling a pandemic-era house price surge.

The bank's completions went up by half from February, and up by 70% among first-time buyers, who potentially faced the biggest cost increases under the revised tax regime.

The chancellor, Rachel Reeves, announced in October the end of temporary stamp duty cuts in England and Northern Ireland from April, adding thousands to the costs of many transactions in this tax year.