Almost one in five property sales now experience ‘gazundering’
Almost a fifth of property sales now experience gazundering, according to figures from property firm Quick Move Now.
Gazundering, which is the attempted renegotiating of a lower property purchase price after a sale has been agreed, has become more common in recent years as the market contends with cautious buyers and difficult economic conditions.
According to Quick Move Now’s figures, 19% of property sales experience an attempted renegotiation after a sale has been agreed.
Outcome of gazundering
| Outcome | Percentage of gazunders | Percentage of all property sales |
| Seller rejects attempted renegotiation and property sale falls through |
6% |
1% |
| Seller rejects attempted renegotiation and sale successfully completes at originally agreed price |
28% |
5% |
| Seller agrees to renegotiate sale price by the requested amount and sale successfully completes |
56% |
11% |
| Seller rejects proposed new purchase price, but buyer and seller agree a smaller discount to previously agreed purchase price and sale completes |
11% |
2% |
Danny Luke, Quick Move Now’s managing director, explains: “Gazundering is a growing concern for sellers, especially in the current market.
“There are several reasons why we’re now seeing a higher likelihood of gazundering. In the current climate, buyers are more cautious. Higher interest rates and an end to lower Stamp Duty rates mean buying a property is more expensive. Buyers are therefore likely to intend to stay in their next property for longer. Buying property feels like a bigger investment and buyers are wary of making a costly mistake. We also need to consider the rising cost of building materials. People are less likely to be looking for a ‘doer-upper’ in the current market due to rising costs. If a property survey uncovers unexpected work needed, buyers are more likely to ask for a price reduction to cover the cost.
“Sellers may be shocked or disappointed to experience gazundering, but the reality is that under our current buying and selling process the buyer has very little information about a property’s condition at the point of making an offer. Few buyers will have enough knowledge about property to have a robust idea of any work that might need doing simply from a property viewing. They therefore rely on the expertise of surveyors to make them aware of any issues and the cost implications. If the survey highlights unexpected issues – which is the most common time for gazundering to occur – the buyer is likely to want or need to deduct at least some of that cost from the property purchase price.
“Under the current system, there is little that can be done to protect yourself from gazundering, other than making sure your property is well-maintained, and any potential issues are addressed before putting your property on the market. The rate of gazundering does, however, add fuel to the argument of moving closer towards the Scottish system and providing more information, including a property survey, at the point of marketing the property. It would then be easier to make offers legally binding earlier in the buying and selling process.
“England did attempt a move in that direction with the introduction of Home Information Packs (HIPs) in 2007, but unfortunately property surveys were not a compulsory part of HIPs, and the packs were abandoned in 2010 after industry professionals complained that they simply added more red tape to the property transaction process rather than adding speed and certainty. Is it time to introduce compulsory provision of a recent property survey report at the point of marketing? That would be quite a shift in how the current property selling process works but may well be something for the industry to consider if we want to reduce the frequency of gazundering.”
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