Average monthly mortgage completions by first-time buyers have jumped by 59% since the Autumn Budget as they rush to secure homes before stamp duty increases on April 1, according to Barclays’ property data.

For all types of buyers, monthly mortgage completions are up by 26%, the bank says with the first-time buyer share rising from 29% to 36%.

Buyers in England and Northern Ireland who miss the deadline will have to pay an average of £6,512 extra and one in eight buyers say they will pull out if they do not complete in time.

Meanwhile, rent inflation has cost Gen Zs – aged between 18 and 27 – an extra £135 per month on average or £1,616 over the past year.

Spending on rent and mortgages rose by 7.7 per cent over the year to February, as borrowers on lower fixed-rate mortgages moved onto higher rates.

Confidence in the UK housing market has grown to 30 per cent, its highest level since October 2024, up from 24 per cent in January, despite the upcoming stamp duty changes.

However, consumers reported the highest level of concern around inflation and interest rates since September 2023.

The average age of a first-time buyer in the UK rose to nearly 34 in 2024, up from 32 only two years earlier.

Barclays managing director of mortgages and savings Sian McIntyre says: “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.

“Renters are still determined to overcome barriers to homeownership, with this resilience testament to the value individuals place on investing in property.”