Gazumping falls 40pc in 10 months
eMoov’s 2014 survey showed 22% of all home owners had been gazumped during their property purchase, however this has now reduced to 13%.
The 25-34 age group were most susceptible with a fifth having been gazumped. At 17% those buying over the £500,000 threshold had been gazumped more than any other price bracket.
Founder and chief executive of eMoov.co.uk Russell Quirk said: “It will come as a surprise to many that gazumping has dropped across the nation, but a welcome surprise never the less.
“We’ve kept a close eye on the London market especially and given the lower levels of demand experienced since the start of the year, the drop in gazumping reflects that the insanity of the London market has simmered a little.
“In previous years property sellers, especially in London, knew that they had a que of buyers stood outside their door. Even open days became fiercely competitive, so even if you did lose out, you had a direct route to the seller in order to gazump the accepted buyer. This all helped towards the rise of gazumping.”