Government pilot hopes to stamp out gazumping

A trial in early 2020 could see the end of gazumping and gazundering. The government will introduce the reservation agreement, a legally binding deal aimed at deterring buyers and sellers from reneging on agreements or pulling out at the last minute. According to the Ministry of Housing, Communities and Local Government, it's likely to be a document drawn up in agreement with estate agents and conveyancing solicitors. Buyers and sellers will pay a deposit, which will be lost if they pull out, while vendors may also have to provide more details about the property upfront. The scheme will be tested in England, starting in Q1 of next year.

The Sunday Times (20/10/2019)