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Over half of renters and homeowners want a ban on gazumping

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31/07/2018
The practice, where a seller accepts one offer but later accepts a higher one from someone else, is much-maligned by homebuyers
Over half of renters and homeowners want a ban on gazumping

The majority – 55% – of Brits strongly support the introduction of new laws to prevent gazumping, according to research by Market Financial Solutions.

According to the firm’s research, the banning of this practice is the property reform that UK renters and homeowners would most like to see.

Over half of UK adults also believe caps should be introduced to restrict the type of properties that can be bought by non-UK residents.

Rental priorities

Renters also had their say, with 49% of UK adults saying they would welcome the introduction of a tribunal system with the powers to review rent rises on individual properties. This figure unsurprisingly jumped to 58% for those with no intention of buying a home over the coming 18 months.

More than half of renters with no intention of buying also support having council tax for rental properties paid by the landlord.

Paresh Raja, CEO of MFS, said: “Whether you’re a renter looking to make your first real estate purchase or a homeowner trying to move up the property chain, the UK property market is facing a number of important challenges.

“MFS’ research findings clearly demonstrate the public’s desire to have new laws introduced to prevent gazumping, and in turn, reduce the risk of a property chain collapsing.”

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