Homebuyers gazumped, says expert

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Homebuyers gazumped, says expert

Gazumping is on the rise in the UK housing market, the managing director of estate agents Benham and Reeves has declared.

This practice involves a seller accepting an offer for a property and then proceeding to accept another bid at any point before contracts are officially exchanged.

Jon Hughes told BBC Two's Working Lunch "it's worse than it ever has been" and attributed this to demand outstripping supply in the property market.

His remarks come after a large rise in house prices last year, with Hometrack - the UK house price monitor - discovering that London saw an average rise of £2,500 between last August and September.

"The demand for good property - and it's across the board, from the cheapest possible flat to a big mansion - is enormous, and supply is just drying up," Mr Hughes said.

"And as a consequence so many people are looking for property, can't find it, people are doing whatever they have to do to try and get themselves onto this next step of the ladder," he concluded."

There is evidence that the UK housing market is cooling down somewhat after the Nationwide Building Society claimed house prices rose by 0.3 per cent in January, the slowest rate of growth in eight months.

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