Gazundering is now “standard practice” during property deals with 90% of buyers now exploiting the “woefully weak” market, a leading lawyer has claimed.
Simon Nosworthy, Head of Residential Conveyancing at London-based Osbornes Law (main picture), says almost every residential property deal currently involves the buyer trying to get an eleventh-hour price cut.
In comparison, it was only 50% of buyers trying to gazunder three years ago.
Staggering
Typical issues raised by buyers as they seek a discount include damp, plumbing problems or faulty electrics.
Nosworthy, who is a Partner at Osbornes, says: “The rise in gazundering has been nothing short of staggering in the past year.
“A chronically weak property has meant buyers are taking advantage to the point where trying to get money off at the last minute has become standard practice,” he says.
Now I expect it to pop up on every deal.”
“It used to be that gazundering was seen as really bad form and an underhand tactic that most people wouldn’t consider, but now I expect it to pop up on every deal.
“It seems to be that only people of absolute principle don’t consider doing this. The attitude seems to be that if everybody else is doing it then why not me as well?”
Desperate
He says the property market is “the weakest it has been since the first three months of the pandemic”. And sellers are desperate to keep hold of their buyers so they let them have money off.
“It is the properties where nothing needs to be done and all the necessary guarantees are in place that we see no gazundering taking place at a time when trying to get money off has become the norm.”