Gazumping has impacted a third of homeowners in past decade
Almost a third (31%) of homeowners have lost out on a property as a result of being gazumped, Market Financial Solutions (MFS) has revealed.
The vast majority (80%) are in favour of the government introducing laws to prevent gazumping in England and Wales, as is currently the case in Scotland.
Paresh Raja (pictured) chief executive of MFS, said: “With demand for UK property constantly high, the process of buying a home has become incredibly competitive.
“As a result, a significant number of UK homebuyers are losing out on deals at the critical closing stages.
“Not only is gazumping a cause for frustration and disappointment, it also can incur significant costs to the prospective buyer.
“Avoiding complicated chains and having immediate access to finance can reduce the chances of a prospective buyer missing out on a purchase, but it’s clear from MFS’ research that further measures are needed to prevent gazumping in England and Wales.
“In the aftermath of the General Election, let’s hope the elected government looks at measures to stamp out gazumping as a top priority.”
Two-fifths (39%) have had to pay fees to lawyers, surveyors or evaluators despite not completing on the property purchase.
Figures from Which? show that on average homebuyers lose £2,899 when a house deal falls through.
Nonetheless, 43% said they would still consider gazumping a rival buyer in the future if it meant successfully completing on a property acquisition.