Almost one in five property sellers in the UK are experiencing gazundering, where buyers reduce their offer at a late stage to pressure sellers into accepting less money, according to research by house buying company Quick Move Now. The practice has left many homeowners out of pocket and calling for regulation.
What Is Gazundering?
Gazundering occurs when a buyer lowers their offer just before exchange of contracts, exploiting the seller's vulnerability. Quick Move Now found that 19% of sellers currently face this tactic. While 28% of attempts were successfully rejected, most led to price renegotiations, and 6% of sales fell through entirely.
Katharine Storr, 38, from Tooting, lost £30,000 the day before she was due to exchange contracts on her family home. 'They were bringing up all kinds of things which were in the survey, but weren't issues at all,' she said. 'They had us over a barrel and knew it, as we have three children and were moving house for schools.' Backed into a corner, she accepted £15,000 less than the original offer.
Emotional and Financial Toll
Evie Richards, 25, a SEO specialist from South London, experienced a £30,000 reduction after already agreeing to an offer £20,000 below asking. 'My world shattered,' she recalled. After negotiations, she accepted £7,000 less, plus giving up appliances. 'It was a waste of time and money,' she said.
Maria Bailey, 47, from Torbay, faced a £60,000 drop on her home. She initially declined but later accepted a £20,000 reduction after the buyer reneged on promises. 'I felt like I'd had money stolen from me,' she said. All three women called for regulation to curb the practice, which currently has no legal restrictions.
Why Gazundering Is on the Rise
Simon Nosworthy, head of residential conveyancing at Osbornes Law, noted a 'staggering' increase, calling it 'standard practice.' The current market, with low buyer demand, gives buyers leverage. Chris Hodgkinson, managing director of House Buyer Bureau, advised sellers to renegotiate rather than pull out: 'In the current market, securing a buyer is a task in itself.'
Hodgkinson warned buyers that gazundering carries risks: 'It can mean you lose out on the house you wanted for the sake of a few thousand pounds.' Evie advised sellers to 'look past the panic and keep a cool head,' dealing in facts over feelings.
