Fear of gazumping and gazundering is driving homebuyers away from the property market, according to recent research by proptech firm iamproperty.
Over 14% of survey respondents cited these risks as their main deterrent to purchasing a home. Stamp Duty and high mortgage rates also loom large, each deterring 12% of potential buyers.
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Jamie Cooke, co-founder of iamproperty, sees this as a golden opportunity for estate agents to promote alternative selling methods. With the Stamp Duty deadline approaching, buyers are eager to complete purchases quickly, and traditional private treaty sales can drag on for six months or more, increasing the risk of gazumping.
Cooke suggests auctions as a viable solution, noting a 64% increase in bidding activity since the Budget. Auctions offer the certainty and speed that both buyers and sellers crave in a volatile market. By highlighting the advantages of auctions, agents can help clients navigate these choppy waters and secure their dream homes without the usual drama.
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