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. Happy days for the buyer!
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.