Buyers Beware: Gazumping Is On The Rise | Mulgrave Properties
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Buyers Beware: Gazumping Is On The Rise


Many obstacles can hinder prospective homeowners from securing their dream property and being ‘gazumped’ by someone with deeper pockets is one of them.

Unfortunately, it’s on the rise, with many estate agents across the region selling properties within hours of listing and sometimes, with dozens of offers on the table - most significantly more than the asking price.

This is a trend identified nationally, too, with one in three properties selling for more than the asking price in April 2021 alone, according to data recently released by Propertymark.

With the Stamp Duty holiday also extended until September, new homes are in higher demand than ever. But with Mulgrave Properties, an increase in interest does not mean an increase in cost.

“Our endeavour is to help many more people achieve their dream of owning a new home and gazumping has no place with Mulgrave,” explains our Head Of Sales, David Smith.

“The real estate market as a whole is pretty hot at the moment, but stories are emerging of estate agents obtaining offers almost as soon as properties launch on the market, resulting in costs far exceeding the original asking price. Sellers are then being tempted to go back on their word if they receive a better proposal elsewhere, culminating in competitive bidding wars.

“This is in sharp contrast to purchasing a home with Mulgrave Properties, where, provided that contracts are [typically] exchanged within six weeks, we won’t consider higher offers under any circumstances for the duration of the reservation period and the price cannot increase.

“Meaning you can rest assured that as soon as you have reserved your property, you will not be forced to pay a higher price than promised. No hidden extras and no surprises, guaranteed! We have even waited for buyers to resell and then go on to settle into their Mulgrave home.”

We are currently offering complete easing of Stamp Duty on our premium homes near the racecourse in York and the final 4 bedroom detached plot in rural Markington near Ripon. Move in by the end of September and you won’t pay a penny in Stamp Duty - even on properties priced £849950. That’s a saving of almost thirty thousand pounds! Find out more.