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Gazumping is back as competition hots up in reviving housing markets

Phil Spencer says phenomenon is also result of low stock in many cities including Sheffield, Maidstone and Cambridge.

Nigel Lewis

Gazumping is returning to the housing market, according to TV presenter Phil Spencer, as buyers have started once more to use any means possible to secure a home.

The star’s property advice website MoveIQ says between a fifth and a third of buyers in over a dozen cities say they have been gazumped recently.

Its research, which has been completed in partnership with proptech firm Gazeal, reveals the cities with the highest gazumping rates.

The list is topped by Sheffield where 35% of buyers experienced being gazumped, followed by Maidstone (33%), Cambridge (28%), Birmingham (26%), Manchester (25%), Norwich (24%), Nottingham (22%), Cardiff (20%), Leeds (20%) and Bristol (19%).

The cities with the least amount of gazumping recorded by the survey include Middlesbrough, Swansea, Northampton, Blackpool and Carlisle.

“For anyone who thought gazumping vanished with the runaway price rises of a few years ago, our findings will come as a reality check,” says Spencer (left).

“Britain’s fragmented property market is throwing up huge regional extremes. In hotspots where prices are still rising fast, sellers can be tempted to go back on their word to a buyer if they get a better offer elsewhere.

“Meanwhile, in slow markets, the lack of homes for sale can lead sellers to leave would-be buyers in the lurch if they get a last minute offer from someone else.

“That’s why Move iQ has teamed up with Gazeal, a PropTech company that enables sellers and buyers to agree a deal that has legal force right from the start.”

Read more about gazumping.

 

July 2, 2019

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