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Anti-gazumping reforms are taking too long, says Morrow
The national financial services provider said that while the proposed changes are positive, legislation is unlikely to come into force until 2029 at the earliest.
Gazumping
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Urgent call for regulation as gazumping rises among homebuyers in England and Wales
Amid growing calls for reform, industry leaders urge for laws ensuring fair and efficient property transactions, highlighting a systemic need for equity in the housing market.
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London is the gazumping capital of England
Gazundering – when a buyer suddenly lowers their offer late in the process once the seller is committed – was also far more common in the capital.
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31% of property sales falling through before completion
31% of property sales fell through before completion in the second quarter of the year, according to new figures from Quick Move Now.
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79% in favour of ban on gazumping
Four-fifths of homebuyers are in favour of banning gazumping in England and Wales, research by Market Financial Solutions (MFS) has revealed.
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Homebuyers call for gazumping to be made illegal
The vast majority of UK homebuyers want to see the practice of gazumping made illegal, as one in 10 fell foul of the backhanded practice during their last house hunt.