Property purchasing specialist, HBB Solutions, has discovered that the vast majority of UK homebuyers want to see the practice of gazumping made illegal, as one in 10 fell foul of the backhanded practice during their last house hunt.
The survey of 1,000 UK homebuyers to have purchased in the last six months alone revealed that 9% had experienced gazumping when looking to buy.
According to the research, the vast majority of homebuyers are also strongly against this poor property industry practice.
The study found that 89% of buyers don’t believe it’s right that gazumping can take place once a seller has already accepted an offer from a potential buyer, but before that sale has been completed.
A further 85% also said that they would like to see the practice of gazumping made illegal within the UK and 90% would like to see estate agents tasked with preventing the practice from occurring in order to reduce its propensity.
Managing director of HBB Solutions, Chris Hodgkinson, commented: “It’s quite extraordinary that gazumping still occurs in this day and age and, in fact, it’s probably fair to say it’s rife in current market conditions. Unfortunately, it’s a byproduct of a market where demand is incredibly high and stock levels remain insufficient for such a prolonged period of time.
“When this happens, you have buyers falling over themselves to secure the home they want and some of them do this by gazumping. It’s a real stab in the back for the buyer who has already committed time and money to a property under the agreement they will be purchasing it and it can make an incredibly stressful, expensive experience all the worse.”
Hodgkinson concluded: It really is about time the government steps in and does something to permanently eradicate this practice to provide greater reassurance and stability to those undertaking the already tricky task of purchasing a home.”
Data Tables
Survey of 1,01 recent UK homebuyers carried out by ProperPR on behalf of HBB Solutions via consumer research platform, FindOutNow, 18th March 2022.
Thinking about your latest house search, were you gazumped at any point? | |
Answer | Totals |
No | 91% |
Yes | 9% |
Do you think it’s right that gazumping can happen after a seller accepts an offer? | |
Answer | Totals |
No | 89% |
Yes | 11% |
Do you think gazumping should be made illegal? | |
Answer | Totals |
Yes | 85% |
No | 15% |
Would you like to see estate agents tasked with preventing gazumping? | |
Answer | Totals |
Yes | 90% |
No | 10% |
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