Barclays has joined Lloyds Banking Group in issuing advice to conveyancers to submit Certificates of Title by 25th March to ensure completion ahead of the SDLT changes at the end of March.
Lee Chiswell, Head of Mortgages at Barclays, said:
“We’re pleased to see incredibly strong demand for mortgages right now, thanks to a combination of our highly competitive rates and a rush among buyers to beat the Stamp Duty deadline. We’ve partnered with brokers and solicitors in anticipation of this busy time and are well-prepared, completing many purchases early. We’re encouraging conveyancers to get us their COT as early as possible and at latest by 25th March to guarantee completion.”
The bank says it has seen a ‘surge’ in mortgage applications since the Autumn budget when Labour confirmed there would be no extension to the reliefs implemented in September 2022 by then-Conservative Chancellor Kwasi Kwarteng. Barclays says they have seen average monthly completions increase 26%; driven by a 59% increase in first time buyer (FTBs) purchases. With FTBs now representing over one in three (36%) of all completions.
Barclays own mortgage data shows demand for properties over £425,000, the band at which stamp duty is currently applicable for FTBs, has steadily declined; from 21% of completions above that threshold in October 2024, to 16% in February 2025. 21% of prospective movers say that they will now look to buy a smaller property to mitigate costs, with 18% changing the location of their search to a more affordable area.
Concerningly, one in eight FTBs say they will pull out of the transaction if they do not complete before 31st March 2025.
Sian McIntyre, Managing Director of Mortgages and Savings at Barclays, added:
“Our latest data indicates that prospective buyers are adapting their behaviour to get ahead of some of the volatility in the market. Encouragingly, amidst rising house prices, uncertainty around interest rates, and the upcoming changes to stamp duty, consumer confidence in the housing market is staying the course.
