Gazundering issue leaves Brits in a flux

Posted: 06 May 2008 13:21:05 GMT

UK homebuyers have strong opinions when it comes to the issue of gazundering - but many of them are conflicting, it has been revealed.

UK homebuyers have strong opinions when it comes to the issue of gazundering - but many of them are conflicting, it has been revealed.

According to a survey conducted by Fool.co.uk, 58 per cent of Brits think gazundering - where an accepted offer on a house is lowered by a prospective buyer just before contracts are exchanged - is unethical.

However, this would not stop 94 per cent from gazundering in an attempt to reduce costs in a tight fiscal environment.

Donna Werbner, property expert at Fool.co.uk, has urged buyers to put gazundering into context.

"People may think the practice of gazundering is unethical or even immoral. But homeowners have benefited from astronomical increases in house prices over the past decade, and are trying to sell at the peak of the market. If the seller's property is no longer worth the amount that has been offered, then maybe holding the other party to the original offer is not all that honourable or admirable either," she commented.

"It all boils down to what you value more highly: your morals, or more cash in your pocket."

One thing to be wary of, though, is that 24 per cent of sellers say they would refuse to sell to a gazunderer - even if they agreed to pay the original asking price.


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