Buying a property will never be like the virtually instantaneous transactions that occur when we buy groceries, but if the process is greatly accelerated potential higher bidders - gazumpers
- simply won't get a look-in.
The measures are designed to slash the time it takes to buy a house, currently an average 10-12 weeks, so gazumpers
will not have time to make a better offer.
The Queen had to fend off a gazumper
to tie up the deal on 18th century Birch Hall in Windlesham, Surrey.
Buying a home is the biggest financial step of our lives, so gazumpers
come top of most hate lists.
London is in the grip of a runaway boom with gazumpers
sending the prices of luxury homes soaring.
The RICS agrees that the way forward must be to speed up the whole selling process, thereby cutting down the time for potential gazumpers
to step in.
Chain breakers and gazumpers
are a major concern to more than half the housebuyers in Britain.
Mr Clay said: "Potential purchasers can abuse the system every bit as much as gazumpers
, though it is usually the latter that makes the headlines."
A source close to the deal said: "The gazumpers
would probably have increased their offer beyond the asking price, but when they heard they were bidding against the Queen, they tactfully withdrew."