Thousands of house-hunters fall victim to 'gazanging'
As if buying a house in today's volatile market isn't tough enough, thousands of prospective home-buyers are reportedly falling victim to a new property pitfall - gazanging.
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Where once 'gazumping' was the bane of the house hunter's life, 'gazanging' leaves buyers hanging as the seller pulls out of the deal at the last minute.
According to research by online conveyancing firm In-Deed, some 54,000 buyers have fallen victim in the first six months of the year, as vendors struggle to find a property to move on to.
The survey of 1,001 adults found that more than 25 per cent of sellers had been forced to change their mind because they were unable to find their own new home, leaving buyers with nowhere to go.
Though a certain amount of gazanging has always gone on, the figure has risen by 20 per cent since the second half of last year.
In-Deed founder Harry Hill said: "There has always been a minority of sellers who pull out of a deal at the last minute, but the uncertain market and poor consumer confidence have vastly exacerbated this problem, with an increasing number of sellers getting cold feet."
Have you been a victim of 'gazanging'? Should there be a law that prevents it? Leave a comment below...
