Ghost gazumping

21st March 2014

The Times looks at the practice of “ghost gazumping” in London, whereby an increasing number of buyers are experiencing demands, made by sellers, for extra money after the sales price has been agreed.

Robin Chatwin, head of sales for southwest London for Savills, says gazumping is happening in about 5% of all his sales - a figure that seems likely to grow. Lucian Cook, director of residential research at Savills, adds: “It is symptomatic of the shift that has recently happened from a buyer's to a seller's market”.

Source:   The Times (21/03/2014)