Homebuyers would like to see gazumping made illegal

Original article source:  MARCH 25, 2022 | MARC DA SILVA

The majority of UK homebuyers unsurprisingly want to see the practice of gazumping made illegal, according to a new survey.

as one in 10 fell afoul of the backhanded practice during their last house hunt.

The poll of of over 1,000 homebuyers to have purchased in the last six months alone found that 9% had experienced gazumping when looking to buy.

It’s clear from the poll, carried out by HBB Solutions, that the vast majority of homebuyers are also strongly against this poor property industry practice.

Some 89% do not believe it’s right that gazumping can take place once a seller has already accepted an offer from a potential buyer, but before that sale has completed.

Meanwhile, 85% also stated that they would like to see the practice of gazumping made illegal within the UK and 90% would like to see estate agents tasked with preventing the practice from occurring in order to reduce its propensity.

Managing director of HBB Solutions, Chris Hodgkinson, commented: “It’s quite extraordinary that gazumping still occurs in this day and age and, in fact, it’s probably fair to say it’s rife in current market conditions. Unfortunately, it’s a byproduct of a market where demand is incredibly high and stock levels remain insufficient for such a prolonged period of time.

“When this happens, you have buyers falling over themselves to secure the home they want and some of them do this by gazumping.

“It’s a real stab in the back for the buyer who has already committed time and money to a property under the agreement they will be purchasing it and it can make an incredibly stressful, expensive experience all the worse.

“It really is about time the government steps in and does something to permanently eradicate this practice to provide greater reassurance and stability to those undertaking the already tricky task of purchasing a home.”