Worried about Gazumping?

diystarter7

Only you can answer that qustion OP
If they raise the price, do you agree or back out
Is the seller prepared to lose the sale as that is the risk.

Btw, why such a long delay?

diystarter7

Just remembered, dad was gazumped in 79 and he refused to pay a penny more. He paid more for another house as prices were shooting up. The reason he did not pay is the seller told the solicitor to up the price as dad and mum were about to sign the exchange papers.

hpsauce86

movilogo said:

There are plenty of news on the media about prices coming down. Searching for "house price" on Google and clicking on News tab provides some examples.

Many of my shortlisted properties in Rightmove have prices reduced in last 3 weeks.

Of course, this is location specific and not a blanket reduction everywhere.

House sales have begun to fall, not house prices. People have slowed down buying due to the living cost crisis, so the market is cooling. That doesn’t mean prices have fallen yet. Eventually they might as it becomes more of a buyers market. 

hpsauce86

See also https://amp.theguardian.com/business/2022/jun/08/average-uk-house-price-hits-record-but-market-starts-to-cool 

diystarter7

hpsauce86 said:

See also https://amp.theguardian.com/business/2022/jun/08/average-uk-house-price-hits-record-but-market-starts-to-cool 

Don't forget that no one can really predict anyhting with certainty. House price crash has been rumoured for well over a year
and with inflation making money in the bank worth a lot less, there will be people still tempted to gamble in the lettings markets even at higher interest rates.

Woolsery

Kuztardd said:

TBH, I'm so frustrated by the whole process I feel we will just say goodbye and put the phone down on the agent.
Maybe with a few swearwords too.
If the seller has a chain above them, the risk of them losing their hopeful home by collapsing the chain is at risk by being greedy.

But they haven't attempted a gazump yet! What is it about their actions that makes you think they will?

user1977

movilogo said:

There are plenty of news on the media about prices coming down. Searching for "house price" on Google and clicking on News tab provides some examples.

Many of my shortlisted properties in Rightmove have prices reduced in last 3 weeks.

Of course, this is location specific and not a blanket reduction everywhere.

"Sellers being less ambitious about their asking prices" != "prices falling".

Marvel1

Kuztardd said:

TBH, I'm so frustrated by the whole process I feel we will just say goodbye and put the phone down on the agent.
Maybe with a few swearwords too.

Why what did the agent do, they wan to get rid of it too for their money? It's the vendor.

JReacher1

movilogo said:

Some are behind paywall.

https://www.telegraph.co.uk/property/house-prices/nowhere-house-prices-go/

https://www.thetimes.co.uk/article/house-prices-up-but-are-we-past-peak-sellers-market-9sz3wznn9

https://www.independent.co.uk/money/house-prices-hit-record-high-in-may-but-market-shows-signs-of-cooling-b2096263.html

https://news.sky.com/story/house-price-growth-is-slowing-halifax-says-12629882

Most of these seem to say prices are still rising but slowing down. Can’t see anything there that says a house you offered on 7 months ago will be worth less now than it was then. 

jimbog

movilogo said:

https://news.sky.com/story/house-price-growth-is-slowing-halifax-says-12629882

Growth slowing doesn't mean falling - it means they're still rising