Gazumping makes a comeback in London
Estate agents have reported an increase in cases of gazumping, as buyers compete for properties in sought after locations in London.
According to estate agents Marsh & Parsons, gazumping increased among buyers for prime and rare properties in areas including Kensington, Mayfair, Belgravia, Knightsbridge and Chelsea.
It also reported that there was an average of 14.3 applicants per property in January, the highest level of competition since March 2010.
The figures follow Rightmove’s latest research which showed that the number of property sellers in London jumped 21% in the past year, pushing asking prices up 4.2% in just one month.
Marsh & Parsons said that the trend was down to the lack of housing stock on the market and down to buyers who are extremely motivated to secure particular properties.
Overseas buyers have added to the gazumping trend, as they are more willing to secure property at any cost.
The estate agency added that sealed bids could be featured more heavily with top property sales to help combat the gazumping trend in London.