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Is Gazumping Coming Back ? Ramping Sealed Bids

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They sold their one-bed flat in Hackney in April but found they couldn’t afford to buy in that area. They were priced out of Leytonstone and set their hearts on a three-bedroom house in Woodford Green.

They were so determined to get it that they offered barely an hour after their first viewing. The vendor accepted their offer of £335,000 — already £5,000 over the asking price.

But three days later they were told the vendor had accepted another offer that was £6,000 higher. They asked their mortgage lender for another £4,000, reaching their limit. Their improved offer, now £10,000 over the asking price, was accepted over that of the gazumper as they were chain free.

Ms Stevens said: “I would never normally gazump someone else, but in this case the only solution was to fight back — and gazump the gazumper.”

Gazumping and sealed bids spread to suburbs as house prices rocket

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Wonder what real facts are:

1) It was only house under 400K listed?

2) Only two people have made offers on house in that postcode in last 3 months - and they just happened to bid on same one?

3) Second bid never really existed?

4) Paper made entire thing up?

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Wonder what real facts are:

1) It was only house under 400K listed?

2) Only two people have made offers on house in that postcode in last 3 months - and they just happened to bid on same one?

3) Second bid never really existed?

4) Paper made entire thing up?

Unfortunately I think it's probably true within London. That Panorama episode the other week showed a similar trend for a house in Walthamstow.

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Unfortunately I think it's probably true within London. That Panorama episode the other week showed a similar trend for a house in Walthamstow.

Panorama claimed 300 viewed the Walthamstow house in one afternoon. EA on door letting 'one in and one out'.Went for about 65K? over asking.

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Panorama claimed 300 viewed the Walthamstow house in one afternoon. EA on door letting 'one in and one out'.Went for about 65K? over asking.

They are in good company. Sir Issac Newton lost his shirt in the South Sea Bubble.

http://en.wikipedia.org/wiki/South_Sea_Company

Joseph Spence wrote that Lord Radnor reported to him "When Sir Isaac Newton was asked about the continuance of the rising of South Sea stock… He answered 'that he could not calculate the madness of people'."[30] He is also quoted as stating, "I can calculate the movement of the stars, but not the madness of men".[31] Newton's niece Catherine Conduitt reported that he "lost twenty thousand pounds. Of this, however, he never much liked to hear…"[32] This was a fortune at the time (equivalent to about £2.4 million in present day terms[33]), but it is not clear whether it was a monetary loss or an opportunity cost loss.
Edited by Bruce Banner

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Panorama claimed 300 viewed the Walthamstow house in one afternoon. EA on door letting 'one in and one out'.Went for about 65K? over asking.

I can well believe it.

160 people turned up to a view a three-bed terrace in nearby Leytonstone on an open day a few weeks ago. Saw them queuing to get in! On any given saturday they estate agents in Church Lane in Leytonstone are stuffed to the gunwales with young couples.

It wasn't clear whereabouts in Walthamstow the property on Panorama was - they implied it was near the old dog track. If it was, the world really has gone mad. You'd be right on the horrible North Circular road and a good way from any rail or tube stations.

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I can well believe it.

160 people turned up to a view a three-bed terrace in nearby Leytonstone on an open day a few weeks ago. Saw them queuing to get in! On any given saturday they estate agents in Church Lane in Leytonstone are stuffed to the gunwales with young couples.

It wasn't clear whereabouts in Walthamstow the property on Panorama was - they implied it was near the old dog track. If it was, the world really has gone mad. You'd be right on the horrible North Circular road and a good way from any rail or tube stations.

Can you upload the photo you took ?

You didn't take a photo ?

We have a whole section for anedotals btw.

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Can you upload the photo you took ?

You didn't take a photo ?

We have a whole section for anedotals btw.

I wasn't that interested. I counted 80-odd couples while I was waiting for the bus. But there were some pictures on Twitter at the time. It was on Cann Hall road, Leytonstone.

Oh, you think I'm making it up?

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I wasn't that interested. I counted 80-odd couples while I was waiting for the bus. But there were some pictures on Twitter at the time. It was on Cann Hall road, Leytonstone.

Oh, you think I'm making it up?

I've not seen them at 160 (or 300), but I see overflowing open houses all the time in Walthamstow.

Definitely bubble territory and price rises I'm not congratulating.

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I've not seen them at 160 (or 300), but I see overflowing open houses all the time in Walthamstow.

Definitely bubble territory and price rises I'm not congratulating.

Bubble or not, it's brought people to Leytonstone who would probably never have considered the place. Lots of houses being done up by 'settlers'. The prices being asked (and paid) are lunacy, though.

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The disconnect between London and where I am (North Yorks) is pretty astounding...up here, for second and 3rd step housing (i.e boomers cashing in their chips) all the 'kite flyer' priced houses up here just sit there for months or years on end and any motivated sellers cut the price to attract buyers.

It sounds like London is going into a bit of a fear of loss mania, your classic 'wall of worry'. If I was waiting for a crash surely a violent blow up like this is going to resolve things one way or the other

(i.e those of you on the sidelines have either missed the boat forever as , or the whole thing is going to fall over in short order)

Personally I think a tonne of foreign hot money is going to flow in until practically the only purchases are speculative only

its when they start wanting to cash out, is when it could get messy...

all very exciting if you are just talking about silver or bitcoins where only sophisticated investors are involved.

But this a 'market' being politically 'blown up' for peoples homes, so pretty sh**ty considering it involves ordinary people who just want somewhere to live, (whether they want to rent or buy)

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Funny how some will pay almost anything up to their ability to borrow to live somewhere, whilst others wouldn't live there even if someone paid them to live there. ;)

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