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Home buying: have you been gazanged?

Monday, 19 September 2011 1:36 PM

More and more home buyers are being hit by a new market phenomenon that property legal website In-Deed has dubbed gazanging.

The new frustration alongside gazumping and gazundering involves sales that fall through because the seller has changed their mind and decided to stay put.

In-Deed says this happened to 54,000 buyers – 19 per cent of the total – in the first half of this year. That is a 20 per cent increase on the second half of 2010.

In total in the first half of this year, 119,000 buyers said they had agreed a purchase that fell through not due to any action they took. Some 45,000 had a deal that fell through because of gazumping.

More than a quarter of the sellers who got cold feet said they could not find a suitable alternative property to buy.

And 12 per cent said they had changed their mind because they were unsure what would happen to house prices.

However, the research also found that inefficient legal processes are exacerbating the problem, with 16 per cent saying they were fed up with delays and complications. In-Deed is a new service that aims to take the stress out of home buying.

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