Data shows gazumping tops concerns for buyers – here’s how to avoid it

Our recent survey of over 1,000 potential homebuyers discovered that homebuyers might avoid entering the market due to fears of getting gazumped or gazundered, with over 14% of respondents listing it as their top deterrent.

Stamp Duty Land Tax (SDLT), alongside other tax implications came in second at 12%, alongside high mortgage rates (12%)*. So why is gazumping such a big issue, and what can Estate Agents do to solve it?

Timing is key to avoiding gazumping

This year’s SDLT threshold drop put timely completions at the front of mind for both buyers and sellers, as homebuyers rushed to secure the better rates and avoid market fallout.

Now we have moved past the SDLT deadline, this data shows that buyers have apprehensions about entering the market because of fears of gazumping; something which is more likely to happen the longer a completion takes.

Data from 2024 showed that the average time to complete a property transaction in 2024 was 160 days**. Beyond just a prolonged wait, extended completions can increase the risk of gazumping for buyers, while leaving sellers more vulnerable to gazundering.

The benefits of Auction

For agents who want to help their clients feel secure in their transactions, Auction is a ready-made solution when it comes to avoiding the frustrations that come from gazumping.

Auction allows Estate Agents to provide a method of sale with speed and security built in, with completion in 56-days and a 95% completion rate based on standard properties and from receipt of draft contracts.

The non-refundable Reservation Fee secures the property for the winning bidder and significantly reduces the chances of gazumping – while ensuring that sellers cannot be gazundered. This provides the certainty buyers and sellers need when timescales are tight.

Shifting attitudes towards buying and selling at Auction

We’ve already seen Auction gaining in popularity and attitudes towards Auction shifting – data from an online survey conducted by iamsold found 36% of people would consider using auction to buy property – with over half (56%) of 18 – 34-year-olds open to the idea^.

Now’s a great time to add Auction to your list of services to speed up transaction times and reduce the risk of gazumping and gazundering for a great client experience.

Find out more about Auction and the benefits of becoming a Partner Agent.

*From an iamproperty customer sentiment survey – ‘What would most likely deter you from moving home before April 2025?‘

**From conveyancer instruction to completion for sales transactions in 2024 (Landmark Property Transactions Report 2024)

^ Based on standard properties. From receipt of draft contracts.