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Tuesday, 9 April, 2002, 09:54 GMT 10:54 UK
Gazumping returns to housing market
Sale Agreed sign
Gazumping was the scourge of the 1980s property boom
Gazumping - the nightmare scenario for every hopeful home buyer - is on the way back, a survey has said.

With buyers struggling to get ahead in the property market, one in 10 home buyers is now prepared to gazump to secure a house purchase, Yorkshire Bank has said.

Confident of house price gains*
South West 78%
East Midlands 66%
South East 67%
London 67%
*% of people who believe the cost of their home will increase in 2002
Source: Yorkshire Bank

Buyers in Devon, Cornwall and Yorkshire are most likely to resort to gazumping, while those people in East Anglia and north east England are least likely to consider it.

Buyers in London and the south east, however, are most likely to be the victims of gazumping.

More costly

The survey of 2,000 adults nationwide concludes that people are under increasing pressure to secure a home quickly.

They are becoming less likely to risk haggling the price down and more likely to offer the asking price.

According to Yorkshire Bank's survey, more than one in 10 people would immediately offer the asking price.

In addition, 7% of house buyers said they would place a bid over the asking price in order to secure the property.

Unsustainable?

Despite growing speculation that the recent increases in house prices are unsustainable, many people still appear confident in the housing market.

About 61% of people believe that the the value of their home will increase in 2002, Yorkshire Bank says.

In addition, 15% think they will see the value "shoot up", with only 3% concerned that prices might fall.

See also:

04 Apr 02 | Business
House prices still booming
11 Mar 02 | Business
House prices 'set to fall'
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