In March, mortgage completions surged by 50%, the highest increase in over three years, as buyers rushed to finalize purchases before the April 1 reduction in stamp duty exemptions. First-time buyers saw a dramatic 70% rise in completions compared to February. However, industry experts caution that rising costs and new stamp duty thresholds are causing a shift in buyer sentiment, leading to a drop in average house prices as the housing market adjusts to these changes. Concerns regarding consumer finances and tariff impacts were expressed by Barclays' head of mortgages.
As homebuyers raced to complete purchases ahead of changes to stamp duty thresholds, mortgage completions soared by 50 per cent in March.
A quarter of existing homeowners surveyed said stamp duty was the biggest barrier to moving up the property ladder - 40 per cent among Generation Z.
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