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Santander sees mortgage surge ahead of stamp duty deadline

ended 11. February 2025

Santander UK has reported it saw a 130% increase in mortgage applications in Q4 2024 compared to Q4 2023, as buyers rushed to secure a property purchase during the Government’s stamp duty holiday. With Santander estimating the average property purchase taking four months from mortgage offer to completion, buyers securing a mortgage offer before the end of 2024 will have maximised their chances of benefitting from lower stamp duty costs, ahead of the 1 April 2025 deadline. If you saw this uptick in activity, and have any other thoughts, whizz them across ASAP.

 

4 responses from the Newspage community

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Editor
Ben Perks
Managing Director at Orchard Financial Advisers
The Stamp Duty deadline is only part of the story here. The smaller Liz Truss is in the rear view the better the application numbers will be. The deadline has provided an urgency to many buyers but I think confidence in the property market in December 24 v December 23 is the overriding reason for increased applications.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
Santander’s bold move to offer sub-4% mortgage rates marks a significant moment for borrowers and the wider mortgage market. This is fantastic news for homebuyers and those looking to remortgage, providing much-needed affordability and stability. With rate cuts across more than 80 mortgage products and greater flexibility for buy-to-let investors, Santander is setting a competitive tone for 2025. It’s encouraging to see a major lender leading the charge at a time when many are looking for relief from higher borrowing costs.
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Dariusz Karpowicz
Director at Albion Financial Advice
The rush to beat the stamp duty deadline has unleashed a remarkable surge in mortgage applications, with Santander reporting a staggering 130% increase in Q4 2024 compared to the previous year. The ticking clock towards April's deadline has created a palpable sense of urgency, particularly among buyers of higher-value properties where the potential stamp duty savings run into tens of thousands of pounds.
Beyond the stamp duty catalyst, there's a broader story of renewed market confidence at play. The more stable economic outlook, combined with signs of peaking interest rates, has emboldened buyers who may have been hesitant just twelve months ago. With Santander suggesting a four-month timeline from mortgage offer to completion, we're likely witnessing the peak of this pre-deadline dash as buyers race to secure their purchases before the tax holiday ends.
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Ken James
Director at Contractor Mortgage Services
Demand from the First time buyer sector rose like a tidalwave towards the back end of 2024, many did continue to battle for their space in stamp duty saving que early into 2025, but as realisation dawned that the bus had been missed I do feel that the energy in this sector has quietly subsided to the usual levels of business.