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Gazumping is back as market grows more competitive, says Sarah Beeny

first_imgHome » News » Housing Market » Gazumping is back as market grows more competitive, says Sarah Beeny previous nextHousing MarketGazumping is back as market grows more competitive, says Sarah BeenyResearch reveals increased number of bidding wars as supply weakens, says TV presenter.Nigel Lewis19th May 20171 Comment1,652 Views The lack of stock within the market is leading to an outbreak of bidding wars among buyer for the properties that do come on the market, research has revealed, and that gazumping is on the rise.Online agent Tepilo surveyed 2,000 home buyers and discovered that 23% had been involved in bidding wars, and that 19% had paid over the asking price to secure their preferred home.The-dog-eat dog nature of the market is also evident in the research – which reveals that 86% of those surveyed believe the housing market is competitive and that 16% had been gazumped and 14% lost out to a rival during a bidding war.Buying costsAnd perhaps predictably given the research is from Tepilo, the results show that 26% of respondents thought the significant costs of buying and selling a home were also “factors that make it competitive”.“This survey reveals the competitive nature of the UK housing market and how it’s affecting buyers, and things will only get more competitive in the more popular places to live until the Government really focuses on this as a priority,” says Tepilo founder and TV presenter Sarah Beeny (pictured).“The lack of new affordable houses currently being built has resulted in a shortage of homes in bottleneck parts of the country where there’s simply too few houses available at a price normal people can afford.“This, coupled with ongoing financial uncertainty that has made getting a mortgage so much harder in recent years, has resulted in an extremely competitive market.”The research also revealed that 34% of the home buyers surveyed thought getting a mortgage was too hard.gazumping sarah beeny Tepilo May 19, 2017Nigel LewisOne commentSteve Dawkins, Gazeal Gazeal 22nd May 2017 at 12:25 pmIn the last budget, Osborne was quoted as saying that over £270m was wasted per year on failed residential property transactions. Gazumping would have contributed a fair amount to that and our company, Gazeal, has devised a process whereby the fall-through rate can be radically reduced. In locations such as the US, where ‘chains’ do not exist, the fall-through rate is less than 3%.Log in to ReplyWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more