Property expert Henry Pryor backs possible government plans to outlaw 'gazumping'

Property expert Henry Pryor has backed possible plans to ban 'gazumping' and claims the great British public aren't knowledgeable enough to negotiate housing deals

'Gazumping' could soon be banned by the government

Tuesday, May 10, 2016

Property expert Henry Pryor has backed possible plans to ban 'gazumping' and claims the great British public aren't knowledgeable enough to negotiate housing deals.

His comments come after reports the government is considering outlawing the controversial practice that can result in buyers who are under the impression they have secured their home finding they have lost it to someone else coming in at the last minute with a higher offer.

This can also result in the original prospective buyer paying for surveys and legal fees on a house they miss out on. The new system, which is already in place in Scotland, would mean once the offer is accepted by the buyer, it becomes legally binding.

Pryor, who has bought and sold close to 1,000 houses, can see the benefit of changing the laws.

"The advantage the Scottish system has is they fundamentally train people to understand that, when you make a bid, it could be legally binding," he told Julia Hartley-Brewer. "It's a much more robust and legally enforceable contract."

The buying agent, with 32 years of experience in the business, believes buyers and sellers are not prepared enough when making these life-changing purchases.

He thinks after buyers have viewed a new potential home it takes too long for the deal to go through, as neither party is fully prepared for the deal.

"What the great British public fail to do time and time again, whether they're buying or selling, is to understand the gravity of what they're getting involved in," he revealed. "You wouldn't do your own divorce.

"Why is it people think they can go off having borrowed a phenomenal amount of money, and then think they are the person to go out and do the best deal?"