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One in 10 will gazump to buy dream home

  • 23/04/2002
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The number of people prepared to gazump rival buyers has increased, according to Yorkshire Bank's la...

The number of people prepared to gazump rival buyers has increased, according to Yorkshire Bank’s latest housebuyers’ survey.

The survey revealed that one in 10 housebuyers would resort to gazumping to get the house they want.

According to market experts, gazumping is a trend that is set to continue as property prices carry on rising and demand for property increases.

Brad Fitton, director of Mortgage Talk, said: ‘Gazumping is phenomenal, because house prices are going through the roof and there is a shortage of property at the moment. In the early 1990s gazumping was rife ‘ and it is making a comeback.’

Rob Clifford, managing director at Mortgageforce, agreed, but believes gazumping is more of a problem within the private market.

He said: ‘Gazumping has always been a reflection of a buoyant market and Spring 2002 fits this description. In the late 1980s some groups offered insurance to protect against gazumping, but you cannot prevent it from happening. The National Association of Estate Agents also issues robust guidelines which try to ensure that estate agents do not gazump. However, with private vendors, it is inevitable.’

The research also found that one in five house hunters now go direct to estate agents’ websites in order to search for property.

Other findings from the survey revealed that 61% of people are expecting a rise in interest rates alongside 61% who are expecting their property value to increase this year.

Paul Fegan, chief operating officer of Yorkshire Bank, said: ‘House prices are continuing to rise, giving those homeowners who want to capitalise on the growing value of their home by moving up the property ladder, the confidence to do so.

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