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‘Gazumping’ trend causing havoc for prospective homeowners in London
Costs of housing are skyrocketing and increasingly, Londoners are being ‘gazumped’ when trying to buy a house or be selected for renting.
Gazumping is when an offer is made on a house is accepted in good faith, but then the agreement is reneged at the last minute when a seller gets a higher offer elsewhere.
Mike Cook – A mortgage expert – spoke to London Live about how ‘gazumping’ might be a good for someone selling their house, but leads to increasing costs, less affordable housing.
James Dickman 4th June 2024
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