Monday, Jun 01, 2009
Doesn't gazumping count as gloomy news?
Daily Mail: GAZUMPING IS BACK AS THE HOUSING GLOOM LIFTS
Gazumping has returned to the property market as confidence among estate agents reaches its highest level since the credit crunch began. The practice - where a seller ditches an accepted offer in favour of a higher one from a rival buyer - is hitting popular parts of London for the first time in months, estate agents said.
And it is now likely to strike other towns and cities where prospective buyers outnumber properties.
Meanwhile, figures out today from Hometrack show average house prices across England and Wales were unchanged in May for the first time in 20 months. Hometrack director Nicholas Leeming, said: “A large majority believe the housing recession is almost at an end. Although prices may yet drift a bit lower before beginning their recovery, the worst is now behind us.”
4 Comments
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1. hubbers said...
Being dumb enough to gazump someone half way through a price crash is sure to lead to a just outcome for all involved.
2. doomwatch said...
There appears to be absolutely no facts in this article what so ever.
"Gazumping is hitting popular parts of London for the first time in months, estate agents said" really doesn't cut it, as we
all know they are all honest decent creatures.
For those who have been conned into "bidding wars" and "sealed bids"; a fool and his money are easily parted.
Come November, when we're back to -2-3% MoM, they will be kicking themselves.
3. Greenshootsandleaves said...
'What dashed bad luck!' do I hear the EA tell would be vendors? 'The gazumping's in the next borough. Here it's still gazundering, I'm afraid'.
If (and that's a big 'if') there's any truth to the article, it could simply be a cash buyer who had been put off by an exorbitant ASKING PRICE but was willing to add a few quid to the the ACTUAL SELLING PRICE. As with most of these 'green shoots' articles, it's all about the headline (Happy days are here again!). People tend not to read past that anyway, which is a good thing, because there's usually not enough mileage in the facts or the statistics to shore up these preposterous claims until the end.
'You don't want to believe what politicians/the papers/estate agents say', they all say, and yet there are plenty who, on the basis of this and similar articles, will be convinced that the market has well and truly recovered. 'Well, they did say the recession, severe though it was, would last only a few weeks.'
More seriously, though, who is this daily mEAil tosh aimed at? My guess is it's SELLERS (To avoid a crash on the property market?). 'Don't despair! I know you've been looking for a buyer for ages, but don't make the mistake of lowering your asking price. On the contrary, ask for more! Trust us. It'll all blow over in a few weeks or ... well, ... soon, anyway.'
I look forward to the next batch of 'Government failure to water the green shoots puts housing market recovery on hold' articles. I may not have to wait very long.
4. mander said...
More misinformation from estate agents that gets very easy in the press. So potential buyers if you do not want to be gazumped by another £ 200 000 when the merket recovers go out and buy now. Indebt yourself it does not matter if you are not able to pay the debt back a new bail out is on the way.