Our latest research looks at where across the UK homebuyers are being gazumped out of their property purchase most frequently.
We asked 1,000 UK home buyers, have you been gazumped during your recent property purchase? The results found that in the last two years, an over inflating market has seen the practice of gazumping increase from 13% in 2015 to 36% in 2017.
Level of Gazumping in the UK
Home buyers Gazumped in 2015
Home buyers Gazumped in 2017
Of the 36% of respondents to have been gazumped the regional breakdown looks as follows.
Despite the central market having seen the largest wobble in buyer interest due to the Brexit vote and more recently the general election, London buyers are still the most likely to be gazumped with 35% of them stating they had been pipped at the post on their property sale.
In the last two years, the average house price in London has increased by 17% which could be an influential factor in the increasing number London home buyers being gazumped, up from 17% in 2015.
The South East is the region with the second largest rate of gazumping at 16%, with both it and London also home to the largest average house prices of all UK regions.
However, the North West (9%), West Midlands (7%) and Yorkshire and Humber (6%) have seen the next highest levels of gazumping despite having much lower average house prices.
eMoov also asked those that had been gazumped in each region, which was the nearest major city to where they lived. Outside of London, the next highest level was Manchester with 27%, 26% in Birmingham, 23% in Leeds, 20% in Cardiff 19% in Brighton and 19% in Southampton.
Highest Level of Gazumping by Region
- London 35%
- South East 16%
- North West 9%
- West Midlands 7%
- Yorkshire & Humber 6%
- East of England 6%
- South West 5%
- East Midlands 5%
- North East 4%
- Wales 4%
- Northern Ireland 1%
- Scotland 1%
Unfortunately, it would seem the practice of gazumping is once again becoming more prominent as market values continue to climb higher. Traditionally it becomes rife in over inflated markets where high demand, and higher prices, push buyers to resort to dirty tactics in their desperation to secure the property they want.
In the last few months, the market across the UK and London has cooled due to levels of uncertainty with the addition of a fall in stock levels, but despite this there are pockets of the capital, and elsewhere around the UK, that have remained hot where buyer demand is concerned.
This is demonstrated by some of the more affordable regions of the UK also seeing some of the largest levels of gazumping, such as the North West and the Midlands. The London market remains the most cut throat by a long shot, however, buyers are still being gazumped nationwide from Manchester, Liverpool, Newcastle, Leeds, Brighton, Reading and CardiffRussell Quirk