According to recent research, 80 per cent of homeowners are calling for the Government to create legislation to clamp down on gazundering and gazumping.
The data was collated by Market Financial Solutions, finding that 31 per cent of homeowners have experienced a home sale falling through because of either gazundering or gazumping in the last 10 years.
The survey found that people find the current system causes a lack of trust in the home buying and selling market, with homebuyers feeling that a reduction in the amount of housing stock is causing intense competition in the residential housing market.
Two-thirds of homeowners feel anxious about the property market, feeling that it’s difficult to purchase a property, while 43 per cent state that they would be prepared to gazump an accepted offer if it would secure their desired new home.
Many experts feel that a lack of legislation is intensifying the issue, and people are now urging the Government to act and provide regulation to the marketplace to ensure that consumers are adequately protected in the home buying process.
Paresh Raja, Chief Executive of Market Financial Solutions, said: “With demand for UK property constantly high, the process of buying a home has become incredibly competitive. As a result, a significant number of UK homebuyers are losing out on deals at the critical closing stages.
“Not only is gazumping a cause for frustration and disappointment, (but) it also can incur significant costs to the prospective buyer.”
For help and advice on matters relating to property law, contact our expert team today.