Key facts
- Gazundering is a practice where buyers lower their agreed offer before contracts are exchanged.
- This tactic is becoming more prevalent in the UK property market.
- Gazundering pressures sellers to accept lower prices.
- Sellers who refuse may risk losing the sale.
- Sellers who refuse may incur significant costs.
- The practice highlights a shift in negotiation power towards buyers.
Gazundering, a tactic where buyers reduce their agreed offer just before contracts are exchanged in a property sale, is becoming more prevalent in the UK property market. This practice exerts considerable pressure on sellers, who are then faced with the difficult decision of accepting a lower price or forfeiting the sale altogether. If sellers refuse the revised offer, they risk losing the buyer, potentially having to relist their property, and incurring significant costs associated with the failed transaction, such as survey fees and legal expenses. The prevalence of gazundering suggests a market where buyers feel empowered to renegotiate terms at a late stage, often exploiting the seller's desire to complete the sale and avoid further delays or expenses. This can lead to considerable financial and emotional distress for sellers who may have already made plans based on the original agreed sale price. The trend indicates a potential imbalance in negotiation power, with buyers leveraging the final stages of the transaction to their advantage.