Contractors Rushed to Beat Stamp Duty Deadline – First-Time Buyer Completions Jump 131%

In one of the most striking property market responses in recent memory, first-time buyer mortgage UK completions surged by 131% in March, according to Moneybox. The rush was triggered by the end of a temporary stamp duty relief measure introduced during the cost-of-living crisis. As of April, the nil-rate threshold reverted to £125,000—or £300,000 for first-time buyers—placing thousands of pounds back onto the cost of purchasing a home.

Rather than delay or drop out, many buyers brought forward their timelines to complete in time. And while overall mortgage applications rose by 44% year-on-year, this comparatively smaller lift suggests that most buyers had already made their move—they were simply racing against the stamp duty deadline.

For contractors, this moment highlights how crucial preparation is. Having a lender-ready mortgage application—one that reflects your true income structure, not outdated salary assumptions—can make the difference between moving forward or missing out. At Contractor Mortgage Solutions, our bespoke affordability tools are designed to fast-track your mortgage process using your day rate and contract terms.

The stamp duty deadline may have passed, but its ripple effect continues. According to the same report, completions on Mortgages in Principle (MIPs) were up 87% year-on-year in December 2024, showing early signs of urgency well before the March deadline. Even over the festive season, MIP activity soared—by 70% on Christmas Day and 76% on New Year’s Day. Clearly, the government’s tax policy shift struck a nerve with would-be buyers.

Felicity Holloway, Head of Mortgages at Moneybox, commented:

“This significant spike in March completions shows just how determined first-time buyers were to cross the finish line before the stamp duty changes came into effect. It’s a powerful reminder of how tax policy can influence buyer behaviour.”

And that determination hasn’t fizzled. Holloway notes that first-time buyers are still actively engaging with the market, even into early 2025—driven by the desire to secure a home, despite economic pressures and rising costs.

For contractors, these trends signal both opportunity and challenge. While resilience among buyers is clear, success hinges on readiness. Mortgage lenders still rely heavily on traditional affordability models, often failing to capture the real income potential of self-employed professionals. That’s why we exist—to ensure your income is understood, accepted, and used to your full advantage.

At Contractor Mortgage Solutions, we don’t just run numbers. We translate your contract into mortgage-ready affordability—whether you're on a day rate, rolling contract, or limited company setup. With the market moving fast, don’t get left behind. Know what you can borrow, and be ready to act.