Gazumping is back!
You might have thought that gazumping had gone the way of yuppies, deeley boppers and Howard’s Way, but ludicrous house prices – particularly in London- mean that buyers are using underhand tactics to get the home of their dreams.
According to research by Hometrack, the sellers hold all the cards, with price rises of up to 0.7% this month. Buyers are also now prepared to pay up to 95.2% of the asking price. Which means that sealed bids, sneaky backdoor offers and Machiavellian schemes are back with a vengeance.
Of course, it’s London where the bubble is really getting bigger, with foreign investors fighting in the streets for 1 bed city boltholes and bedsits in Penge. It takes an average of just 4 weeks to sell a house in London, regardless of whether it’s been condemned and is being squatted in by a large rat and Vyvian from the Young Ones.
And it’s all down to a lack of suitable properties – as soon one comes onto the market, it’s pounced on by eager home buyers like vultures onto a wilderbeest corpse. Not only that but the demand from foreign buyers is so strong that some estate agents have a dedicated ‘China desk’ to cope with enquiries from the Far East.
Richard Donnell, research director at Hometrack said:
‘Growth in new sales being agreed is running at 4-5% per month and this is continually eroding the stock of homes for sale. In contrast, levels of demand have grown by 3% in the last two months. Improving confidence amongst buyers has been fuelled by low mortgage rates and positive news on a recovering housing market.’
So if you need a house, put on your pinstriped shirt, slick back your hair, and be an absolute bastard - the 80s are back...