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Mortgage delays and property chains blamed for most gazumping cases

Homebuyers are being gazumped due to lengthy property chains and delays in getting a mortgage, new research from Market Financial Solutions has revealed, with many experiencing financial losses and emotional strain. 

The specialist lender commissioned an independent survey of 1,183 people who have bought a property in England and Wales since 2014, finding that 37% had been gazumped during the process. Of those, 59% said they were gazumped, at least in part, because of delays or long waiting times in getting a mortgage. 

A further 58% said they were gazumped on a property they wanted to purchase as they were stuck waiting for a buyer for their property. Indeed, more broadly, 54% of those who have been gazumped cited being caught in a long property chain as a significant factor. 

MFS’s survey also shed light on the financial and emotional toll of being gazumped: 62% of people said they missed out on their dream home, and 61% were forced to buy a property that they liked less. 

In addition, a majority (59%) of people lost money they had invested in the property-buying process (such as survey costs and legal fees).

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