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Great news if you are looking to buy a new home in the North East

A recent survey by the Derbyshire Building Society has showed that the North East is the most honest region in England with the lowest number of buyers being gazumped at the last hurdle of their purchase.

For once Geordies are happy to come last in a league table!

However, the practice of sellers pulling out of a deal because they get a better offer is still rife across parts of the UK.

The North East was the best performing region within the survey where only 4% of buyers said that they had been gazumped. This figure compares with a whopping 35% of buyers in London, in second place is the South East with 16% of buyers falling victim to the practice.

The survey revealed that gazumping across the UK as whole has increased to 36% compared to 13% only two years ago, a big increase.

Traditionally gazumping becomes common in over inflated markets, where high demand and higher house prices push buyers to resort to dirty tactics to secure the property that they want.

In the last few months, the market across the UK and London has cooled due to levels of uncertainty, but despite this, there are pockets of the capital, and elsewhere around the UK, that has remained hot where buyer demand is concerned.

How can you avoid the risk of being gazumped?

  • Insist the property is removed from the market after your offer has been accepted
  • Ensure you are all ready to proceed with the transaction
  • Ask to exchange contracts as soon as possible
  • Ask the agent what their policy is on gazumping
  • Develop a good relationship if you can with the seller

 

For more information on gazumping or if you wish to discuss buying a new property, get in touch today. 

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