Some 78% of homeowners are in favour of laws banning gazumping – which would put the rest of Britain in line with Scotland.
Getting gazumped or gazundered – when the buyer lowers the offer at the 11th hour – have become increasingly common, which if frustrating a number of buyers.
As it stands 46% said they would consider using these tactics in the current climate in a bid to compete.
Paresh Raja, chief executive of MFS, said: “For all the challenges that both buyers and sellers have faced in recent years, there’s no escaping the fact that the property market remains incredibly competitive. Our research underlines one of the by-products of this, with buyers often having to resort to questionable tactics like gazumping to secure the property they want.
“As the government’s Levelling Up Committee launches an inquiry into improving homebuying and selling in England, it’s important they take heed of this data. Not only is gazumping becoming more prevalent, but there is huge demand for laws to be changed to tackle the issue.
“Clearly, the underlying, persistent imbalance between supply and demand is a key factor in this problem. It’s more important than ever, therefore, that lenders and brokers work together to provide the tailored financial solutions that homebuyers need to navigate the challenges of today’s market, with speed remaining a vital quality among lenders – this closes the window of opportunity for a buyer to be gazumped.”
