Homeowners call for the government to ban practice of gazumping

Four in five (80%) homebuyers would like the government to introduce laws to ban the practice of gazumping in England and Wales.

A third (31%) have experienced the phenomenon in the past decade, research commissioned by Market Financial Solutions has revealed.

Two in five (39%) had to pay fees to intermediaries despite not completing on a property purchase.

Paresh Raja, chief executive of MFS, said:

“With demand for UK property constantly high, the process of buying a home has become incredibly competitive. As a result, a significant number of UK homebuyers are losing out on deals at the critical closing stages.

“Not only is gazumping a cause for frustration and disappointment, it also can incur significant costs to the prospective buyer.

“Avoiding complicated chains and having immediate access to finance can reduce the chances of a prospective buyer missing out on a purchase, but it’s clear from MFS’ research that further measures are needed to prevent gazumping in England and Wales.

“In the aftermath of the general election, let’s hope the elected government looks at measures to stamp out gazumping as a top priority.”

Two thirds (66%) feel it has become increasingly difficult to buy properties over recent years as a result of greater competition and a lack of housing supply.

Such is the competition these days, 43% would consider gazumping a rival buyer.

Kindly shared by Property Wire