Gazumping


it's back...

According to an article in the Guardian, the Royal Institution of Chartered Surveyors are reporting that Gazumping is back.

Gazumping has made a comeback in some London property hotspots as it emerged that the capital's house prices are rising at their fastest rate for almost seven years.

In its latest monthly report, the Royal Institution of Chartered Surveyors said the strength of the housing market was being fuelled by a "booming" City economy. Many bankers and traders are buying properties in anticipation of the bonuses they will receive in the new year.

RICS said in some of the more desirable areas there was evidence of a return of gazumping, when a seller ditches an agreed buyer in favour of a higher offer.

Posted: Fri - October 13, 2006 at 10:53 AM         | |

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