A notable segment of homeowners in England and Wales are advocating for legislative adjustments to tackle the contentious issue of gazumping, according to recent findings by Market Financial Solutions (MFS).

A study involving over 1,100 property buyers revealed that 37% have experienced gazumping in the past decade, marking a 7% increase since a similar survey conducted by MFS in the second quarter of 2022.

Gazumping, the act of making a higher offer on a property already under offer from another buyer, has long been a controversial aspect of the property buying process.

MFS’s research suggests that despite widespread criticism of the practice, 46% of respondents would contemplate gazumping if it meant securing their desired property.

The study highlights a keen awareness among homeowners of the competitive tension in the property market, with 73% of respondents believing that gazumping and gazundering (where the buyer lowers their offer late in the transaction process) have become more frequent due to high demand and limited supply of homes.

This competitive environment has led 67% of surveyed homebuyers to describe the market as excessively competitive, emphasizing the need for regulatory intervention.

Interestingly, 78% of respondents support the UK Government introducing legislation similar to that of Scotland, aimed at banning gazumping. This underscores a strong public demand for action against this disruptive tactic.

Paresh Raja, CEO of MFS, commented on the findings, saying: “The property market’s competitiveness, exacerbated by a significant imbalance between supply and demand, has dire consequences for both buyers and sellers. Gazumping, as our study shows, remains a significant concern, reflecting the need for tighter controls to foster a fairer, more transparent buying process.” Raja’s comments highlight a pressing issue within the property market, where the ethics of transactional conduct and the need for a streamlined, secure process are at the forefront of buyer and seller concerns alike.

The call for legislative action has been echoed across the industry, with experts advocating for a system that prevents last-minute bidding wars and ensures a level playing field for all parties involved. “The current state of the property market not only strains buyer-seller relationships but also puts immense pressure on the overall housing ecosystem,” Raja added, emphasizing the broader implications of unchecked competitive practices.

This mounting pressure for change has sparked a discussion on the effectiveness of existing regulations and the potential for new laws to address the challenges posed by a market in flux. With a significant portion of the survey’s respondents backing the call for reform, the spotlight is now on policymakers to respond to the public’s demand for a more equitable property transaction landscape.