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Gazumping falls but instances still very high in London

The amount of gazumping going on in the British housing market has fallen but London is still sees the highest amount of the frowned upon practice.

Gazumping, where a seller accepts a verbal offer on their property from one potential buyer, but then accepts a higher offer from someone else, is down by 11% so far this year, compared to the same period in 2017, with 25% of buyers finding themselves in this position.

In London, 66% of buyers experienced gazumping, an increase of 31% over last year, according to research from Emoov. Elsewhere, the number is much smaller, with 22% in the North East and 21% in the Midlands and the North West of England, and 19% in the South West.

Only 15% in East Anglia and Northern Ireland were affected by gazumping, 10% in both Yorkshire and Wales, just 8% in Scotland and just 7% in the South East of England.

The research also found that first time buyers are most likely to be gazumped with 58% of 25-34 year olds saying they have experienced it and 41% of 35-44 year olds being gazumped during a property purchase.

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