Fewer people gazumping

Michael Lloyd

November 20, 2018

The number of people gazumping property sales has fallen in the past year, online estate agent Emoov has found.

A quarter (25%) of homebuyers experienced gazumping last year, down from 36% in 2017.

Russell Quirk, founder and chief executive of Emoov.co.uk, said: “Although market conditions remain tough, the good news at least, is that gazumping has declined as a result.

“While we are still seeing a steady number of sales each month despite stock levels also remaining low, there isn’t the overwhelming buyer appetite that we’ve seen in previous years.

“As a result, this reduction in competition is seeing fewer homeowners receive and opt for a last-minute higher offer, at the expense of their existing buyer.

“That said, the art of gazumping is still very prevalent across the capital where demand remains strong in numerous locations, despite the wider topline figures showing an overall slowdown.”

London is the worst for gazumping, where two thirds (66%) of buyers experienced gazumping. Despite some areas of the London market being worst hit by current market conditions, this is an increase of 31% year-on-year.

Trailing London is the North East (22%), the Midlands (21%) and the North West (21%).

The results also found that first-time buyers are most likely to be gazumped with 58% of 25-34-year-olds answering yes, as well as 41% of 35-44-year-olds being gazumped during a property purchase.

Some 34% of men admitted to having gazumped, while just 16% of women answered yes to having been gazumped.

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