Gazumping makes an unwelcome return to Marlborough’s property market
Gazumping is making an unwelcome to return to the Marlborough property market according to estate agent Edward Hall.
Mr Hall, of Smiths Gore, says the practise - when a seller accepts an oral offer of the asking price from one potential buyer, but then accepts a higher offer from someone else – is returning due to the scarcity of popular properties.
“Gazumping is making a reappearance as the scarcity of popular properties means good ones outstrip expectations, but others are sticking on the market, often because vendors believe London-based hype,” said Mr Hall.
Meanwhile, the 10 percent property price increases recorded in London have yet to spread to Wiltshire, where a more modest annual rise of two-and-a-half percent is reported.
“ The heady headlines of national average house prices are miles away from the reality – about 77 miles from the London reality, actually” said Mr Hall.