A whopping 66% of buyers in the capital were victims of the frustrating practice last year, which sees accepted offers outbid at the last minute
According to a new survey by online estate agency Emoov, as many as two in three Londoners still face being gazumped – where sellers accept an offer on a property, only to later reject it for a higher bid.
66% of buyers in the capital reported falling foul of the practice, nearly double the 35% of incidences recorded last year.
However, the good news is, that while the trend persists in London, elsewhere it appears to be waning. The survey of 1,000 homeowners found that gazumping across the UK is down 11% from 2017, with 25% experiencing the nuisance tactic, compared with 36% last year.
Interestingly, though London has the highest number of people who say they have been gazumped, the southeast, home to many of London’s traditional commuter towns, sees the lowest level of gazumping at 7%.
The practice also seems more likely to affect to first-time buyers, with 58% of homeowners between the ages of 25 and 34 saying they'd been on the receiving end.
Russell Quirk, Founder and CEO of Emoov, says the reduction in gazumping can be put down to affordability issues and lower buyer demand.
He said: “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".
Here's how each region compares when it comes to gazumping
|Region||Percentage of people gazumped|
Photo: Willy Barton/Shutterstock
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