Sheffield is a gazumping hotspot

Ryan Bembridge

July 1, 2019

More than a third (35%) of buyers in Sheffield are gazumped out of the home they set their heart on, research by Move iQ and the PropTech firm Gazeal has found.

This is more than double the average for England and Wales (16%).

Other areas where Gazumping is common are Maidstone (32%), Cambridge (28%) and Birmingham (26%).

Phil Spencer, co-founder of Move iQ, who is a presenter on Location, Location, Location: said: “For anyone who thought gazumping vanished with the runaway price rises of a few years ago, our findings will come as a reality check. Gazumping is alive and well, and still causing heartache for tens of thousands of buyers across England and Wales.

“Britain’s fragmented property market is throwing up huge regional extremes. In hotspots where prices are still rising fast, sellers can be tempted to go back on their word to a buyer if they get a better offer elsewhere.

“Meanwhile, in slow markets, the lack of homes for sale can lead sellers to leave would-be buyers in the lurch if they get a last-minute offer from someone else.”

Offers made and accepted on a property for sale in England and Wales are not legally binding until contracts are exchanged.

A national survey conducted by Gazeal found the average time from an offer being accepted to contracts being exchanged is more than three months (102 days).

The research also found that more than a third (35%) of property transactions fall through within the first three weeks.

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