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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