Wednesday, February 28, 2024
Real EstateUK

Homebuyers want gazumping to be made illegal

Homebuyers

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

Property purchasing specialist, HBB Solutions, has revealed that the vast majority of UK homebuyers want to see the practice of gazumping made illegal, as one in 10 fell afoul of the backhanded practice during their last house hunt.

The survey of 1,000 UK homebuyers to have purchased in the last six months alone found that 9% had experienced gazumping when looking to buy. It’s clear that the vast majority of homebuyers are also strongly against this poor property industry practice.

89% of homebuyers don’t 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. 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.

The survey follows a government announcement in January, that plans to end gazumping were ‘firmly on the table’. Former Housing Minister, Chris Pincher, revived the debate of using reservation agreements as a tool to eradicate the practice, in a parliamentary discussion with MP Dan Carden after the Government was questioned again on its plans to end gazumping.

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.

He said: 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.

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