House Buyers in 'Ghost Gazumping' scandal

Fears of a property bubble ready to burst have been raised by unscrupulous estate agents as a new wave of gazumping known as 'Ghost Gazumping' hits London.

Gazumping in the property market reached its peak in the 80's when buyers traditionally stepped in at the eleventh hour, making a higher bid and snatching the sale.

Ghost gazumping is an emerging trend in the capital where property is already in short supply and estate agents are persuading sellers to hike up the sale price despite there being no rival bidders involved.

In some cases the sale price can increase by tens of thousands of pounds as competitive estate agents knock on seller's doors, convincing them that they are selling their property far too low.

As the Government's 'Help to Buy Scheme' fuels the current property bubble in the south-east, fears for the market grow as this aggressive new tactic affects buyers keen to get on the ladder. 

The Daily Mail has reported some buyers have had to dig deep into their pockets, in some cases having to find extra six-figure sums instead of looking for a new property.  Often, ghost gazumping can take place as far down the line as eight weeks after an offer has been accepted when buyers are firmly financially committed.

The worrying new gazumping trend popping up across London suburbs like Shepherds Bush, Twickenham, Dulwich and Kensal Rise has buyers and sellers in a frenzy.

One London estate agent, Dominic Agace, Chief Executive of Winkworth told the Mail "We have obviously have had gazumping in the past but this is not something I have ever seen until now".  He goes on to report that in one deal, the sellers went back on the original price of £1 million, asking the buyers for a further £100,000.

If you are buying or selling a commercial property contact our experienced conveyancing solicitors on 0161 720 7200, email us via enq@rosslegal.co.uk or complete the form on the right and we'll call you back.

Ross Legal

Commercial Conveyancers

Salford & National Solicitors

Tel; 0161 720 7200