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Gazundering is when a buyer lowers an agreed discount before exchanging contracts.
It puts pressure on the seller to accept the lowest price or lose the sale and have their property chain destroyed – potentially losing the home they want to buy.
This is because in England and Wales the offer is not legally binding until the parties have exchanged contracts. Once an offer is accepted, it takes an average of 120 days to complete. One in three home sales fall through before being converted.
This will cost retailers £400m and the wider economy £1.5bn each year, according to the Department for Housing, Communities and Local Government.
Proposed government reforms will cut that time by four weeks and save the average first-time buyer £650, he says.
After talking to her father and her husband, Sarah decided to return her home to the market on the same day.
The next day, her buyers “ran into the estate agent’s office saying they were happy to go ahead with the agreed sale price,” she says.
“Gazundering is really horrible. It’s not just a business deal. It’s my children’s home and the fact that nothing has been done is ridiculous.”
From Home Rudolph Shipping Association, she says gazundering is a small but growing problem.
“It’s not really that big, it doesn’t happen very often (but) although it’s increasing because of the change in the property market, it’s made it a buyer’s market.”
She said there are more homes on the market than people looking to buy, which means sellers are facing tougher competition, forcing them to lower prices.
The government has put Plans in place Although it tackles issues such as gazundering to improve the home buying and selling market in England and Wales, it is currently Those improvements, External It expires in 2029 in the current parliament.
The Department for Housing, Communities and Local Government told the BBC: “We are putting an end to gazunder by putting in place legally binding agreements to prevent buyers from leaving without good reason at the last minute.”
