Some, for example, have called for gazumping
to be made illegal.
Mr Reilly said that while gazumping
might be seen as a sign of a buoyant property market, eager buyers will lose out, sometimes moments before a sale is officially closed.
But the estate agent warned that the problemwith gazumping
, which is seen as a sign of a healthy housing market, is that keen buyers can miss out moments before a sale is officially finalised.
Gazundering is the opposite of the well-documented and much-reviled practice of gazumping
, where an agreed price is raised by the seller - usually because a higher offer has been made by another potential buyer - just before contracts are signed.
It believes that a much faster exchange of contracts will ease problems of gazumping
or the costly collapse of deals agreed for other reasons.
THE threat of gazumping
has returned to the Coventry and Warwickshire housing market, as prices continue to soar.
In my view, HIPs won't put an end to gazumping
or stop people doing private deals.
One in three people have had a property purchase fall through, with more than three million househunters being victims of gazumping
, research has revealed.
Estate agents say the Bill will do nothing to deter the practice of gazumping
- sellers under pressure to cover their increased costs would be increasingly tempted to accept a last minute and improved offer.
Ministers believe that forcing the seller to provide a survey will speed up the conveyancing process and cut the risk of gazumping
RECENT house price rises have seen the unwelcome return of gazumping
New home information packs for house buyers could spell the end of gazumping
, according to chartered surveyors in the West Midlands.