More than one in four property sales fell through in the UK before completion in the second quarter of this year, according to new figures.
Gazumping is alive and well in much of England and Wales, despite the slowdown in the property market, with new research showing it is worst in Sheffield.
The amount of gazumping going on in the British housing market has fallen but London is still sees the biggest amount of the frowned upon practice.
A study from property data company TwentyCi has claimed that 12% of property transactions in England and Wales have been subject to gazumping this year.
According to TwentyCi, a property is defined as being gazumped where it has sold at a higher price – 1% or more – than that which was agreed at the point of Sold Subject to Contract (SSTC). Its study covered the period from January to August this year.
A clampdown on gazumping and other tactics that cause misery to housebuyers and sellers is being drawn up by the government as part of a renewed attempt to reduce the stress of buying a home.
More than a million people in London trying to buy property have experienced being gazumped by a rival buyer after their offer was accepted, according to new research.
A survey of almost 2,000 people conducted by bridging lender Market Financial Solutions and published on Tuesday, shows that more than £4.4bn in intermediary fees have been lost as a result of property purchases falling through at the last minute.
The number of buyers being gazumped has fallen by 40% since October 2014, according to online estate agent eMoov.
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