You are here: Home - News -

Gazumping hits one in ten UK purchases

by:
  • 09/10/2017
  • 0
Gazumping hits one in ten UK purchases
One in ten property purchases has fallen through due to a seller accepting a better offer from someone else despite already accepting a verbal offer.

According to a survey of 1,300 homeowners and prospective buyers by Homelyfe, gazumping was proving a problem for many.

The survey also found that of those who were gazumped, it had cost one in three £500 or more.

The insurer, which is launching a consumer-facing app, also found that only 37% knew the legally required insurance necessary when purchasing a property.

When asked how they would like insurance improved, 60% of homeowners and homebuyers said they would like to know they could renew their policy with the same provider without premiums going up, followed by 45% who wanted less jargon in the process.

 

Vast majority unaware

Homelyfe is launching with a home buyer insurance product and said the vast majority (82%) of those it quizzed were not aware the product existed and only two per cent had ever purchased it.

“The insurance industry is notoriously complex and archaic in its approach. The unfortunate result is that a lot of British consumers spend a long time answering outdated questions and are not getting the adequate protection or cover they need and want,” said Peter Goodman, Founder and CEO of Homelyfe.

“Some providers are still posting quotes rather than emailing them and each time you get insurance, you need to provide the same information fresh again, regardless of whether you are with the same provider.

“It shouldn’t be as difficult as it is – life is easier than that now – and it is time the insurance industry caught up with today’s consumer expectations,” he added.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Releasing property wealth boosts retirement incomes

Releasing increased property wealth has had a dramatic effect on the standards of retirement living for many thousands across the...

Close