In which towns are you most likely to be gazumped when trying to buy a property?
New research reveals that Brighton is the gazumping capital of the UK.
Gazumping is one of the most infuriating things that can happen when you're trying to buy a house. You make an offer on a property which is accepted by the vendor, only for them to then accept a higher offer from a different buyer later on. And it’s not just the home you’ll lose: it’s the solicitor’s fees, land searches and surveys you may have paid for, too
The research carried out by online estate agent eMoov revealed that 22% of people from the UK have been gazumped, with 34.9% of homebuyers in Brighton suffering from the practice at some point.
Here's how the city breakdown looks. As you can see, Edinburgh has the lowest level at 12% but that could be down to different requirements for estate agents north of the border.
|
City |
Percentage of buyers surveyed who have been gazumped |
|
Brighton |
34.9% |
|
London |
31.9% |
|
Birmingham |
26.7% |
|
Sheffield |
22.9% |
|
Bristol |
20.8% |
|
Leeds |
19.7% |
|
Nottingham |
19.7% |
|
Cardiff |
19.4% |
|
Norwich |
17.2% |
|
Manchester |
16% |
|
Newcastle |
14.6% |
|
Southampton |
14% |
|
Liverpool |
13.2% |
|
Edinburgh |
12.1% |
Who gets gazumped?
[SPOTLIGHT]The practice is becoming more regular nationwide according to eMoov's research, which suggests that the higher the price of the property, the more likely you are to be gazumped. Of those that had previously been gazumped, 27% were on properties of £500,000 or above. That drops to just 6% for properties under £200,000.
And it's younger buyers, typically first-time buyers, that are most vulnerable. According to eMoov a whopping 48.35% of those gazumped were aged 18-34, compared to just 15% of over-50s.
If you want to ensure you don't get caught out, check out our guide How to avoid being gazumped.
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