Are buyers feeling fooled about the stamp duty holiday …

A real estate agency says disgruntled and retarded property buyers quickly fall in love with the stamp duty holidays, which has added weeks and stress to their purchase.

In addition, many of the homes they buy are now more expensive due to vacation-triggered home price inflation.

Real estate agency Barrows and Forrester said in a survey of buyers that 85% blamed stamp duty relief for delays in their own current purchases.

Another 81% believe their sale will likely miss both the initial deadline extended at the end of this month, as well as the secondary deadline which is due to expire at the end of September.

In addition to the long delays, current buyers also face a much higher cost due to the stamp duty holiday. Since the introduction of the stamp duty holiday, house prices across England have risen by around 10.2%, meaning the typical buyer is spending around £ 25,000 more than before the launch of the break last summer.

Gazeal

In this context, some 54% of the 1,191 buyers surveyed by the real estate agency last week believe that the stamp duty holiday has hurt the market; 23 percent were on the fence while only 24 percent thought it had been a good thing.

“It seems homebuyers have now fallen in love with Rishi Sunak and his promise to save stamp duty as many are now facing long market delays, higher house prices and injury. having to pay stamp duty on their purchase. [if they pass the threshold]Says James Forrester, Managing Director of Barrows and Forrester.

“As with most government housing initiatives, the focus has never really been on delivering real benefits to homebuyers. The objective has always been to stimulate the housing market in order to claim it as an indicator of economic success in the context of a pandemic.

“Sure, many will have benefited from a saving, but for many others an already sluggish and stressful process has been compounded and these buyer woes look set to continue for some time.”


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