Return of ‘gazundering' tactics on London house sales

House buyers in London are ‘gazundering' sellers by demanding reductions to an agreed sale price just before an exchange is about to take place. According to property experts gazundering is gathering pace as the housing market slowly begins to respond to wider economic problems. The market is showing the first signs of cooling amid rising interest rates and the cost of living squeeze. London law firm Osbornes Law estimated gazundering was currently happening in around half of all house sales. It said homebuyers justify the last minute price reduction by citing an issue from a survey such as damp. Simon Nosworthy, head of residential conveyancing at Osbornes Law, said: “Price chipping is a sign that the market is weaker and that the pendulum of power is swinging from the seller to the buyer.”

Evening Standard (30/08/2022)