Gazumping is on the rise

Many obstacles can (and do) hinder prospective homeowners from securing their dream property and being “pipped to the post” by someone with deeper pockets is just one of them.

But when buying with Mulgrave, you can rest assured that as soon as you have reserved your home, you will not be forced to pay a higher price than agreed. That’s our promise!

Gazumping is on the rise throughout the UK. With more sellers than ever backing out of an agreed sale due to higher offers from elsewhere and either accepting or asking for more money from original investors.

The Covid buying ‘boom’ also brought back an ugly side of the market and given that Yorkshire properties are so red hot right now, it is perhaps unsurprising people are willing to pay over the odds. Meanwhile, estate agents across the region are selling second-hand homes just hours after listing, often with dozens of offers on the table and most significantly more than the asking price.

Recent research from Compare The Market suggests three-quarters of potential purchasers would consider gazumping if a property is already under offer and the experience of being gazumped has “skyrocketed stress levels” for many of our buyers (especially those looking to climb the real estate ladder). With homeowners at all stages turning to our team to find the perfect property – because a higher offer has “pipped them to the post” elsewhere.

The escalating frenzy has seen both demand and prices soar nationwide and with huge shared ownership and energy savings up for grabs, competition is fierce.

However, gazumping has no place in our repertoire and provided that contracts are [typically] exchanged within six weeks, we will not consider higher offers under any circumstances for the duration of the reservation period.

What’s more, the costs outlined cannot increase. Meaning you can be certain that as soon as you have reserved your property, you will never be forced to pay a higher price than promised.

Call 0333 3702505 to speak with one of our sales advisors and find out more about how we can help you build the home of your dreams. No gazumping guaranteed!