Downswing sees return of gazundering
The controversial practice of gazundering in making a comeback in the UK property sector as a consequence of the downturn, it has been claimed.
Gazundering occurs when a buyer lowers their offer price at the very last moment - giving sellers an ultimatum of either accepting the lower price or seeing the deal fall through.
When the property sector is performing well the practice is extremely rare as buyers tend to consider themselves lucky to find a dwelling - but in the midst of a downturn it becomes much more widespread.
Commenting on the return of gazundering, Rachael Harrison of Robinson & Hall said there were limited measures sellers could take to protect themselves from the entirely legal practice.
"Sellers can reduce the threat of being gazundered by taking every possible step to speed the process through to exchanging contracts," she explained.
Ms Harrison also noted: "The current economic climate has increased the length of purchasing processes far beyond the previous average of eight weeks."
Home sales dropped 13 per cent in May, according to the latest figures from the Royal Institution of Chartered Surveyors.
Published 25th June, 2008
© 2008 Estates IT Limited
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The controversial practice of gazundering in making a comeback in the UK property sector as a consequence of the downturn, it has been claimed.