Fewer homebuyers are being gazumped when they try to seal a deal on a property, according to new research.
Online estate Emoov quizzed its users on how many had fallen victim to the practice where a seller accepts one offer and then, before the sale is completed, plumps for a higher offer from another bidder.
According to Emoov, a quarter (25 percent) of homebuyers were gazumped in the last year, down from more than a third (36 percent) in 2017.
Competitive market in capital
However, buyers in London are still most likely to be gazumping victims with two-thirds (66 percent) of those bidding on a property losing out to a higher offer further down the line. That figure is up by 31 percent on the year, demonstrating the competitive nature of the London property market.
Russell Quirk, chief executive of Emoov, said: “Although market conditions remain tough, the good news at least is that gazumping has declined as a result.
“While we are still seeing a steady number of sales each month despite stock levels also remaining low, there isn’t the overwhelming buyer appetite that we’ve seen in previous years.
“As a result, this reduction in competition is seeing fewer homeowners receive and opt for a last-minute higher offer at the expense of their existing buyer.
“That said, the art of gazumping is still very prevalent across the capital where demand remains strong in numerous locations, despite the wider topline figures showing an overall slowdown.”
1st-time buyers most likely victims
First-time buyers are the most likely victims of gazumping with 58 percent of 25-34-year-olds saying they’d lost out on a property because of it.
Only 16 percent of women confessed to having been gazumped, compared to 34 percent of men.