Gazumping is back as market grows more competitive, says Sarah Beeny

The lack of stock within the market is leading to an outbreak of bidding wars among buyer for the properties that do come on the market, research has revealed, and that gazumping is on the rise. Online agent Tepilo surveyed 2,000 home buyers and discovered that 23% had been involved in bidding wars, and that 19% had paid over the asking price to secure their preferred home. The-dog-eat dog nature of the market is also evident in the research – which reveals that 86% of those surveyed believe the housing market is competitive and that 16% had been gazumped and 14% lost out to a rival during a bidding war. Buying costs And perhaps predictably given the research is from Tepilo, the results show that 26% of respondents thought the significant costs of buying and selling a home were also “factors that make it competitive”. “This survey reveals the competitive nature of the UK housing market and how it’s affecting buyers, and things will only get more competitive in the more popular places to live until the Government really focuses on this as a priority,” says Tepilo founder and TV presenter Sarah Beeny (pictured). “The lack of new affordable houses…