Mayfair Office member, Nick Kier of Lane & Holmes, Bedford takes a look at the world of property sales. Here is the first of his informative blogs that affect anyone in the housing market:
There’s a new term in the estate agency world. Gazanging!
This term is in addition to the more widely used Gazumping (where a seller takes a higher offer from a different purchaser after solicitors have been instructed) and Gazundering (where a purchaser drops his or her offer at the point where contracts are due to be exchanged).
‘Gazanging’ – is described as a new phenomenon in the property market where sales fall through, not because of gazumping or gazundering, but because sellers change their minds and decide to stay put. The buyer is therefore left hanging hence gazanging.
According to a recent survey apparently more than 54,000 home buyers (19%) had sales fall through in the first half of this year because of ‘gazanging’ – a 20% increase on the previous half year.
It would seem that gazanging is now more likely to affect buyers than gazumping (see above).
Uncertainty about the property market and an under-supply of suitable homes are major drivers of gazanging.
The same survey reveals that more than a quarter (28%) of sellers who opted to stay put say that they could not find a suitable property to purchase, whilst 12% said they got cold feet because they were unsure about what would happen to house prices.
The survey also revealed that nearly one in six (16%) also said they were frustrated with the whole home-buying process, and became fed up with conveyancing delays and complications.
You can help avoid the three Gs by working closely with your estate agent. Managing the expectations of those involved throughout the property transaction (chain) is just as important as finding a buyer who wants to purchase.
It’s not just location, location, location but communication, communication, communication.
For further information on Lane & Holmes visit:
66-68 St Loyes Street, Bedford MK40 1EZ
Tel: 01234 327744 Fax: 01234 273247