You’ve found the perfect new home. You cross your fingers and put in your highest offer. The phone rings. It’s the estate agent with the news that your offer has been accepted. Yipeee!
Exciting stuff indeed; but just as you post the news on Facebook, the phone rings again. It’s the estate agent, telling you that someone has put in a higher offer and that your hopes are now in the bin.
Good news for the estate agent & seller (both of whom will be a little richer), but bad news for you.
According to FT Adviser: “More than half of Brits support the introduction of new laws to prevent gazumping, according to research.
A study among 2,000 UK adults commissioned by Market Financial Solutions has uncovered the top policy reforms UK renters and homeowners would like to see introduced.
The research found 55 per cent of all Brits strongly support the introduction of new laws to prevent gazumping, the practice of snatching a house by making a higher offer than a previous buyer whose offer had already been accepted.
This figure rose to 64 per cent amongst those who own a residential property” (FT Adviser, 19th July 18)