Santander estimates the average property purchase takes four months from a mortgage offer to completion, meaning that some people buying towards the end of last year will have maximised their chances of benefiting from lower stamp duty costs, ahead of the April 1 deadline.
In the South East of England, where the average house price is £385,600, first-time buyers could potentially save up to £4,280 in stamp duty by purchasing before April 1, based on typical property values, Santander said.
Santander UK recorded a 130% increase in mortgage applications in the fourth quarter of 2024 compared with the same period a year earlier, as some home-buyers sought to potentially save themselves thousands of pounds in stamp duty costs.
Every penny counts when considering things like legals and removals costs, so it’s great to see so many people make the most of the holiday and secure their new home ahead of April 1.”.
Graham Sellar, head of intermediary channel – mortgages, at Santander, said: “We all know that buying a home – whether it’s our first or our forever home – comes with significant costs.
