We’ve had plenty of #Gazumping so why not #Gazundering now?

For many years there have been house price increases and with it comes the theme of gazumping and especially for within the world of those highly demanded property and locations… For the buyer it is a nervous waiting period scared that not only a chain collapse could hinder their chances of getting a dream property, but also the fact that someone could offer more on the property and you are gazumped. Happy days for property owners!

So, market is in a downturn and demand for property is falling so the opposite should also show it’s colours then no? The buyer wants to buy a property and an offer is accepted, but more and more houses are coming on to the market and more and more reductions are also hitting the scene so choice in plenty and bargains are calling… Gazundering becomes the friend of the house buyer and the nervous times sits on the lap of the vendor.

Gazumping / gazundering are legal despite the government only last year stating they would clamp down on it and your friendly estate agent is of course obliged to put forward offers on a property.

“‘Gazundering’ Seen as Growing Problem for U.K. Housing Market” a recent report on the Bloomberg website.

How to avoid being Gazumped

Ask for property to be removed from the market

If you have signed off on the price, try asking the seller to remove from the marketplace. This will reduce gazumping, but the agent is still legally required to pass on any bids to the seller until final completion

Act Quickly

Acting quickly will reduce the time the property is on the market, and this is the time that you can get gazumped. Move quickly and put pressure on anyone in the chain that are dragging their feet

Get Insurance

Moving quickly and requesting the owner to remove property from the marketplace will reduce the risk of losing out on your dream property, but risk still exists.  Homebuyers protection insurance is also available. House buyer insurance will make sure you do not lose out on legal costs, search fees and other associated house buying fees.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Estate Agents should not all look the same
Estate Agent Talk

How to Become an Estate Agent with No Experience

Breaking into the property industry can seem intimidating – especially if you’ve never worked in it before. But the good news? You don’t need years of experience or fancy qualifications to start a career as an estate agent in the UK. In fact, many successful estate agents started with no background in property at all.…
Read More
buying at auction uk
Estate Agent Talk

9 Advantages of Selling Your House by Auction

Selling your house by auction might seem like a daunting prospect, but it comes with numerous advantages that can make it a highly attractive option. While the traditional method of selling through an estate agent has its place, auctions are increasingly becoming a popular choice for homeowners looking for a swift and reliable sale. Here…
Read More
Breaking News

Majority of Tenants Unsure How Changes Will Affect Them, Says LRG

With major changes to the private rental sector on the horizon, 62% of tenants say they don’t know whether the government’s Renters’ Rights Bill will address their concerns – highlighting a growing need for clearer communication around what the reforms will mean in practice. LRG’s latest Lettings Report shows that while landlords are widely aware…
Read More
Home and Living

Perfume Storage Tips: How to Keep Your Fragrances Fresh

Perfumes are sensitive compositions that can be significantly affected by how they are stored. Proper storage ensures that your favorite fragrances stay fresh and maintain their intended scent profile. In this article, we’ll explore practical, fun, and effective tips to help you preserve your perfumes in perfect condition. Understanding the Sensitivity of Perfumes Perfumes are…
Read More
Breaking News

Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords

Ministers need to tell landlords and tenants when measures in the Renters’ Rights Bill will take effect the National Residential Landlords Association (NRLA) is today warning. The Government pledged last year to abolish Section 21 ‘no explanation’ repossessions and to make other changes to the rental market this summer. With the Bill not scheduled to…
Read More
Breaking News

Breaking Property News 02/04/25

Daily bite-sized proptech and property news in partnership with Proptech-X.   Made Snappy 360 appoints new CEO and Sales Director to accelerate growth in the property technology space Made Snappy 360, the fast-growing proptech company known for its virtual tours and floor plan technology, has appointed industry veteran Mark Beresford-Ward as its new Chief Executive…
Read More