Insurance News Archive

Gazundering returning to housing market?

Increasing evidence of gazundering among prospective homebuyers indicates that the market is becoming more attuned to demands of buyers, property solutions company Firstrung has suggested.

According to Paul Holmes, chief executive of the group, the return of the practice could also mean that the housing market is slowing.

Gazundering involves a prospective buyer reducing his offer on a property just before contracts are about to be exchanged.

Mr Holmes said that in a true sellers' market: "You could just say: 'Sod you, you don't want to pay me £200,000 then I'll wait for the next buyer.'"

He added: "Although it might smack of being perceived as being sharp practice, I can really understand why first-time buyers want to really squeeze as much as they can out of the property deal and moreover are being very nervous about the situation."

22 Nov 2006