17 May

“Gazumping” set to be banned

“Gazumping” set to be banned

The government may be seeking to prevent the practice off so-called gazumping in the UK property market.

The Daily Telegraph reports officials have been holding talks to introduce a ban across England and Wales alongside similar lines that are already in use in Scotland.

It is hoped the plans could play a key role in reducing the number of house sales that fall through every year by moving forward the point at which a house sale has to be legally completed.

Gazumping involves buyers getting into bidding wars after an offer has already been accepted on a property.  The current system only makes property transactions legally binding once contracts have been exchanged - often leaving people out of pocket for surveys and initial legal fees if they become victims of guzumping.

Mark Hayward, managing director at the National Association of Estate Agents, said: "The English system for buying and selling property dates back to the 1920s and has not been updated for nearly 100 years. It is an archaic system which doesn't allow for modern technology. It needs updating to allow for as much work to be done before the point of offer as possible."ADNFCR-1222-ID-801818620-ADNFCR

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