Barclays issues warning to customers who must find extra £191 a month The lender reported its busiest month in the UK property market in years. Barclays issues warning to customers who must find extra £191 a month Barclays says March was the busiest month in the property market since 2021, driven by a scramble to avoid higher costs imposed by the Labour Party government. Completions were up 70% among first-time buyers, who potentially faced the biggest increases. The lender reported its busiest month in the UK property market in years. ‌ But worryingly, three-quarters of respondents said their housing costs have increased in the past year, with an average monthly rise of £126. For Millennials, the impact is greater, averaging £191 per month. Article continues below READ MORE UK set for NEW hottest day of year with exact date next week announced Despite a 5.4% year-on-year rise in rent and mortgage spending in March—down from 7.7% in February—Barclays noted that household budgets remain stretched. Utility bills were cited as the primary driver of cost increases by nearly half of consumers. Spending on utilities fell 4.2% in March as temperatures rose. ‌ Completions at the bank were up by half compared with February, and up by 70% among first-time buyers. Jatin Patel, the head of mortgages, savings and insurance at Barclays, said March had been a “blockbuster month for completions”. But he added: “For existing homeowners and renters the shift in sentiment reflects the cautiousness felt across the economy as a whole, as consumers are concerned about rising bills and the prospect of global tariffs impacting their wallets. “Housing consumes a significant portion of income, particularly for renters. It’s clear that the financial pressures of maintaining a home are intensifying at a time where people face a delicate balance between their essential spending and long-term financial goals.” Article continues below The Barclays Property Insights report combines banking data with consumer research to analyse UK housing trends and behaviour. 14% of prospective first-time buyers said the revised Stamp Duty bands have delayed their plans. Stamp Duty is now viewed as the biggest barrier to homeownership by one in four current homeowners, rising to nearly 40% among Gen Z. Barclays’ report revealed that on average, buyers now need an additional £13,530 beyond the purchase price to cover fees such as stamp duty, solicitor’s charges, and surveys. This represents a significant rise from the £9,337 reported by those who bought over five years ago.