We have noticed that gazumping has returned to the Welsh housing market. An estate agent friend of mine has told of this being a weekly occurrence driven by a shortfall of homes and static housing supply.
Whilst some will see this as welcome sign of a re-emerging buoyant market in Wales, individual buyers face the upset of losing out on a home to a higher bidder or having to increase their original bid. My friend told me of two cases in their branch.
In the first case, the seller’s had agreed an offer of £499, 00 but then went on to accept a higher bid in the region of £505,000.
In the second, a price of £390,000 was initially agreed before a new offer came in at £405,000, forcing the original purchaser to increase his offer by £15,000 to secure the house. A very upsetting time for the purchaser, as this was the only property to tick all the boxes.
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