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UK government could ban gazumping to tackle stressful house-buying – Business Insider


Houses London
Almost a quarter of
property sales in England fall through.

Shutterstock

  • UK government will consider cracking down on gazumping
    in order to streamline the process of buying houses.
  • Gazumping is when a seller accepts a higher offer after
    they’ve already agreed to a sale.
  • A government survey revealed that 69% of sellers and
    62% of buyers felt stress and worry as a result of
    delays.

 

Do you ever get that gazumping feeling? Maybe you’re a
gazunderer?

Well, you might not be for much longer. The UK government has
announced plans to crackdown on gazumping — when a seller accepts
a higher offer from a new buyer after already agreeing to a sale.

Communities Secretary Sajid Javid has announced an eight-week
review of the property buying process.

Javid said: “We want to help everyone have a good quality home
they can afford, and improving the process of buying and selling
is part of delivering that.

“Buying a home is one of life’s largest investments, so if it
goes wrong it can be costly. That’s why we’re determined to take
action to make the process cheaper, faster and less stressful.

“This can help save people money and time so they can focus on
what matters – finding their dream home. I want to hear from the
industry on what more we can do to tackle this issue.”

The government also released a survey of 2,000 recent home
buyers, which revealed that 69% of sellers and 62% of buyers felt
stress and worry as a result of delays.


Terraced houses in Mayfair, LondonShutterstock

The report also showed nearly half (46%) of sellers were
concerned about buyers changing their minds after putting an
offer down and almost a quarter (24%) would use a different
estate agent if they had to do it all again. 

Almost a third (32%) of sellers and 28% of buyers were unhappy
with the other party’s solicitor, the Department for Communities
and Local Government said.

The plans for a review, though, came under fire from Shadow
housing secretary John Healey:”This is a government out of touch
and out of ideas,” he said. “After seven years of failure,
ministers still have no plan to fix the housing crisis.”

Alex Neill
of Which? magazine
, called the house-buying process
“outdated and flawed”.

“Buying a home can be one of the most stressful experiences in
life, with sales often taking too long or falling through, with
some consumers losing substantial sums of money.

“The government must put consumers first, ensuring that estate
agents deliver a better service for both home-buyers and sellers
and that the conveyancing process is simplified.”

The call for evidence will run for eight weeks from Sunday.

UK government could ban gazumping to tackle stressful house-buying – Business Insider

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