A quarter of home buyers have been gazumped this year, research claims.
The figures, based on a poll of 1,008 home owners who have purchased a home this year, found that 25% of buyers have been gazumped.
However, this was down from 36% when the same research was conducted last year.
London retains the crown as the gazumping capital with 66% of buyers having experienced gazumping, up 31% on 2017.
Scotland and the south-east of England had the fewest instances of gazumping at just 8% of respondents from each region.
More men (34%) admitted to having been gazumped, while just 16% of women had experienced it.
Russell Quirk, chief executive of Emoov, which conducted the research, 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 home owners 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.”
Have you been gazumped on a property purchase in the last year?
|
Region
|
Yes
|
No
|
Don’t Know
|
|
London
|
66%
|
32%
|
2%
|
|
North East
|
22%
|
78%
|
0%
|
|
North West
|
21%
|
79%
|
0%
|
|
Midlands
|
21%
|
79%
|
1%
|
|
South West
|
19%
|
81%
|
0%
|
|
East Anglia
|
15%
|
78%
|
6%
|
|
Northern Ireland
|
15%
|
82%
|
3%
|
|
Yorkshire
|
10%
|
86%
|
3%
|
|
Wales
|
10%
|
90%
|
0%
|
|
Scotland
|
8%
|
90%
|
2%
|
|
South East
|
7%
|
93%
|
0%
|
The producer of this report either has no idea what gazumping actually is, or the figures are completely made up. In over 20 years of agency i have only had one instance of true gazumping, which is a million miles from one in 4. I suspect the author of this article has offered on a house in the past, its been rejected and then the owner has sold to someone making a higher offer. He then tells people he’s been gazumped.
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With the recent news about his business not receiving promised investment so someone can buy it on the cheap it’s very brave to do a gazumping analysis
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Gazumping generally comes of not managing a multiple bid process properly in an overheated market. Pretty sure London ain’t overheating at the moment, it’s practically glacial.
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As others have stated above, I doubt very much the public or Quirk understand what gazumping is.
Far more prevalent is gazundering.
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