An estate agency says disgruntled and delayed property buyers are fast falling out of love with the stamp duty holiday, which has added weeks and stress to their purchase.
In addition, many of the homes they are buying are now more expensive as a result of the house price inflation triggered by the holiday.
The estate agency Barrows and Forrester says in a survey of buyers, some 85 per cent blame the stamp duty tax break for delays in their own current purchases.
A further 81 per cent believe that their sale is likely to miss both the initial extended deadline at the end of this month, as well as the secondary deadline due to expire at the end of September.
In addition to lengthy delays, current homebuyers are also facing a far higher cost as a result of the stamp duty holiday. Since the introduction of the stamp duty holiday, house prices across England alone have climbed by some 10.2 per cent - meaning the typical buyer is spending some £25,000 more than before the break was launched last summer.
Against that backdrop, some 54 per cent of the 1,191 buyers surveyed by the estate agency last week believe the stamp duty holiday to have hurt the market; 23 per cent were on the fence while just 24 per cent thought it had been a good thing.
“It looks as though homebuyers have now fallen out of love with Rishi Sunak and his promise of a stamp duty saving, as many now face lengthy market delays, higher house prices and the salt in the wound of having to pay stamp duty on their purchase [if they pass the threshold]” says Barrows and Forrester managing director, James Forrester.
“As with most government housing initiatives, the focus was never really on bringing genuine benefit to homebuyers. The aim has always been to stimulate the housing market in order to claim it as an indicator of economic success against the pandemic backdrop.
“Of course many will have enjoyed a saving, but for many more, an already lethargic and stressful process has been made even worse and these homebuyer woes look set to continue for some time.”