Barclays has become the latest major lender to guarantee to complete cases submitted by 25 March ahead of an expected surge of applications before stamp duty rules change in April.
The high street bank says conveyancers should submit certificates of title by 25 March “to ensure completion” ahead of the 1 April deadline.
The lender points out that average monthly completions have jumped by 26% since Chancellor Rachel Reeves’ October Budget, when she failed to extend lower duty levels first set out in the unfunded Liz Truss September 2022 Budget.
This has been largely driven by a 59% surge in first-time buyer purchases, whose share of completions has risen by seven percentage points to 36%.
Barclays head of mortgages Lee Chiswell says: “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 certificates of title as early as possible and at the latest by 25 March to guarantee completion.”
Earlier this week, Lloyds Banking Group — which includes Halifax and Bank of Scotland — offered a similar guarantee.
On 1 April, the stamp duty rate threshold will fall to £125,000 from £250,000 for home movers, and to £325,000 from £400,000 for FTBs.
