The volume of mortgage completions in the UK increased by 50% month-on-month in March to the highest level recorded since September 2021, Barclays Property Insights has revealed.

The firm said the increase was a result of buyers rushing to lock in tax savings ahead of changes to the stamp duty thresholds.

Barclays added that this volume was even higher among first-time buyers, with completions jumping by 70% month-on-month.

With new tax bands now in effect, the bank found that 25% of existing homeowners now see stamp duty as the biggest barrier to buying a home. This figure increased to 39% among Gen Z.

Furthermore, 38% of renters cited the cost of a housing deposit as one of the biggest barriers to homeownership.

Head of mortgages, savings and insurance at Barclays, Jatin Patel, said: "We experienced a blockbuster month for completions in March, as buyers raced to get ahead of the stamp duty deadline. Meanwhile, for existing homeowners and renters the shift in sentiment reflects the cautiousness felt across the economy as a whole, as consumers are concerned about rising bills and the prospect of global tariffs impacting their wallets.

"Housing consumes a significant portion of income, particularly for renters. With four in 10 adjusting their spending to meet their housing costs, it's clear that the financial pressures of maintaining a home are intensifying at a time where people face a delicate balance between their essential spending and long-term financial goals."

Managing director at Barclays Private Bank and Wealth Management, Will Hobbs, added: "The UK economy’s cyclical pulse has been strengthening a little in the last few months. Household incomes have been growing faster than inflation for some time and that had been showing up in retail sales and even a perkier GDP report.

"The uncertainty created by the US tariffs will certainly have some dampening effect. However, there are potential offsets in the form of lower energy prices and the dramatic changes happening in Europe. The latest read on inflation suggests a little more flexibility for the Bank of England too."

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