Money Box Live: House Sale Nightmares
Major reforms are planned to shake up house selling in England, Wales and Northern Ireland. The government hopes the plans could end gazundering and gazumping and make buying and selling homes faster, cheaper and less likely to fall through. Gazumping happens when a seller switches buyer at the last minute, usually because someone else can pay more, gazundering is where a buyer suddenly drops their agreed offer just before contracts are exchanged. One in three house sales fall through before exchange. This costs sellers £400m and the wider economy £1.5bn each year, according to the Ministry…
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