Government considering making gazumping illegal

Taken by Property Eye

Ministers are reportedly considering a crackdown on buyers and sellers who pull out of a deal at the last minute, or who try to gazump or gazunder each other.

They are considering making house purchases legally binding much earlier in the process – for example, at the stage where an offer is accepted.

If either the buyer or seller pulled out afterwards, they would have to pay the other party’s costs.

It now appears that the Government is gearing up to call for that evidence, through a consultation on speeding up and improving the home buying process.

Agent Chris Wood, of PDQ Property, agreed with this stance. He told EYE: “Gazumping is a problem but it is not the main problem.

“Banning gazumping won’t solve the problem of delayed or failed property sales. Some would say that is just how the price is tested.”

He said it would also help if all councils were online so searches could be done more easily.