Gazumping is back for Easter

coypondboy

Looks like a lack of stock is causing gazumping to come back in our area of BCP. Properties selling in excess of asking prices by big margins in desireable locations is this happening elsewhere in the country?

[Deleted User]

It never went away.

MaryNB

coypondboy said:

Looks like a lack of stock is causing gazumping to come back in our area of BCP. Properties selling in excess of asking prices by big margins in desireable locations is this happening elsewhere in the country?

For many many months now, I'm surprised you hadn't notice before. 

The number of houses up for sale in Bristol fell significantly once the stamp duty holiday ended (there are less than a third of the number of houses for sale in my area now compared to late 2020). Houses have been going over asking for a long time, even more so in the last 6 months or so because of the lack of properties for sale. 

newsgroupmonkey_

Friend of mine advertised his house at a cheeky £325k in Hampshire - this was the top end of the recommended selling price.

It's just gone SSTC for £360k. The buyer is fully aware that the valuation will be much lower, but they really wanted the property.

And whilst I've told him that I don't agree with what he did, he allowed a 2nd offer thereby gazumping the original (In fairness, the new buyer is in a much better position and he desperately needs the money).

TonyTeacake

I would say this will be a regional thing has once the cost of living starts eating away into peoples salaries which has already has started to creep in and also factor in the lenders will be tightening there criteria on lending. Consumer confidence will drop and the days of multiple bids on 1 house will start to fade away. Unless you already have plenty of cash or downsizing with plenty of equity you will be in a position to bid high.

In the last few weeks I have seen a slow down in the NW and towards the end of the year I believe the landscape will be a lot different compared to 2021-2022.