Mortgage delays and long property chains blamed for majority of gazumping cases

Market Financial Solutions boss Paresh Raja says agents, brokers and lenders must work together to reduce the risk of delays and ensure that buyers can secure finance at pace.

Paresh Raja, Chief Executive, Market Financial Solutions

Homebuyers are gazumped due to lengthy property chains and delays in getting a mortgage, research from Market Financial Solutions reveals.

Over the last 10 years almost four in 10 (37%) eventual homebuyers have been gazumped during the process with six out of 10 (59%) of those saying they were gazumped, at least in part, because of delays or long waiting times in getting a mortgage.


A similar number (58%) said they were gazumped on a property they wanted to purchase as they were stuck waiting for a buyer for their property.

Just over half (54%) of those who have been gazumped cited being caught in a long property chain as a significant factor.

MFS’s survey also shed light on the financial and emotional toll of being gazumped with over six out of 10 (62%) people saying they missed out on their dream home and a similar number (61%) forced to buy a property that they liked less.


Paresh Raja (main picture), Chief Executive of Market Financial Solutions, says: “Much is made about the root causes of gazumping, namely the fierce competition there is in the market due to an imbalance between supply and demand. But in looking for the cause, we often overlook the emotional and financial impact that gazumping can inflict.

“Throughout the purchasing journey, prospective buyers often develop a strong attachment to a property, making the sudden collapse of a deal particularly difficult to stomach. On top of that, thousands of pounds are typically lost when a deal falls through, rubbing salt in the wound.”


He adds: “Clearly, with lengthy property chains and mortgage delays cited as key factors behind people being gazumped, there are lessons for agents, brokers and lenders. All parties must work together to reduce the risk of delays and ensure that buyers can secure finance at pace.

“In turn, this will help close the window of opportunity for gazumping tactics and minimise the emotional and financial impact on would-be buyers.”

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