Barclays is advising conveyancers to submit Certificates of Title (COT) by the 25th March to ensure completion ahead of the 1st April deadline for Stamp Duty changes.
Barclays’ latest Property Insights report highlighted a surge in applications linked to the Stamp Duty deadline, with average monthly completions increasing 26% since the Autumn Budget, when the changes were announced.
This has been largely driven by a 59% surge in first-time buyer purchases, whose share of completions has risen seven percentage points, from 29% to 36%.
Homebuyers in England and Northern Ireland who miss the looming deadline expect to fork out an extra £6,512 on average for their purchase.
STRONG DEMAND
Lee Chiswell, Head of Mortgages at Barclays, says: “We’re pleased to see incredibly strong demand for mortgages right now, thanks to a combination of our highly competitive rates and a rush among buyers to beat the stamp duty deadline.
“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 COT as early as possible and at latest by 25th March to guarantee completion.”
