We use cookies to give you the best browsing experience and to help us understand how you use our site. Cookies are small snippets of data stored on your computer and some have already been set. By continuing to use our website you are accepting our use of cookies. To find out more, read about cookies.

Latest News From My Home Move - the UK's leading conveyancer

Back to all news articles

Doug Crawford, CEO of myhomemove, comments on the return of gazumping:

“Sellers trying to take advantage of the lack of supply in the housing market has led to an increase in gazumping in some areas of the market. Many feel little sense of urgency and speculate that a higher offer could be around the corner – even after a sale has been agreed. RICS* data shows that the number of sellers is currently at a record low, which contrasts the spike in buyer numbers driven by low mortgage rates and has created an imbalance between supply and demand.

“Gazumping takes place when a transaction breaks down due to a seller accepting a higher offer from a different buyer. When recently surveyed, a quarter (25%) of our conveyancers have seen a jump in gazumping, and a third (36%) have seen an increase in the number of sellers pulling out of transactions. Not only this, but a further 62% have seen an increase over the last six months in the number of sellers asking for more money during a transaction.

“Supply side issues will always give sellers power over buyers in the market, and they will naturally try to make the most of this situation.”


*RICS Residential Market Survey, June 2015

In this section

    Keep up-to-date with My Home Move.

    We would like to keep in touch with all our introducers via our quarterly e-newsletter, which features details about My Home Move events, activities, competitions and relevant property industry information. You can opt out of receiving e-newsletters at any time by clicking on the 'unsubscribe' link at the bottom of the e-newsletter you are sent and we will never give your data to any third parties. In subscribing to the newsletter, you agree to being contacted in this way. We look forward to keeping in touch.