New research shows that Estate Agents are seeing much fewer instances of ‘gazumping’ over the last 10 months, particularly in Nottingham.
The practice, where a buyer offers a vendor a higher price than the price already agreed with another buyer, has seen an overall decrease of 40% in the UK since last October.
As well as Nottingham, other cities seeing fewer gazumpings are Birmingham, Leeds, Manchester and Brighton. In Brighton, a former gazumping hotspot, the practice has fallen by 68%; and London has seen a drop 46%, with now only 17% of buyers being gazumped during the sale.
Last year 22% of property buyers were gazumped during their purchase compared with just 13% this year.
One of the few cities to see an increase is Sheffield, which now takes the crown as the gazumping capital of the UK. An increase of 25% since October means that 29% of buyers in Sheffield now have their purchase gazumped, mainly due to an increased demand.