House-buying is considered highly stressful by most people – especially if the sale doesn’t run smoothly. One of the most irritating issues with investing in UK property is gazumping – when you’ve had your offer verbally accepted by a seller, only to find out that someone else has made a higher offer, knocking you out of the picture.
Calling for Easier UK Property Investment
Sajid David, the Communities Secretary, has asked the government to call for evidence from estate agents, solicitors and mortgage lenders, to identify ways in which home-buying could be less stressful.
In particular, David wanted to find out about views on gazumping, information (whether sellers are providing adequate information to make an informed buying decision), confidence in the market, and innovation (e.g. putting more data online to speed up the buying process).
David commented: “Buying a home is one of life’s largest investments, so if it goes wrong, it can be costly. That’s why we’re determined to take action to make the process cheaper, faster and less stressful.”
The Need for Change
A recent government report found that close to two-thirds of buyers found the purchasing process stressful and worrying. Likewise, close to 70% of sellers reported the same, with nearly half saying they were concerned about buyers changing their mind before completing the sale.
The figures clearly demonstrate that something needs to change with the system, to avoid such high levels of stress. Indeed, investing in UK property is particularly frustrating if you’ve paid out for surveys on the house in question, only to find that you’ve been gazumped.
Ways to Avoid Gazumping in the Meantime
Obviously, the government’s investigations are in their early stages, and as such, nothing is likely to change any time soon. The good news is, there are ways to avoid the annoyance of being gazumped, such as:
The Buy2Let Shop Limited
If you’re interested in investing in UK property, but you’re concerned about the stress involved, talk to The Buy2Let Shop. We’re a team of specialist property investment agents, and we’re here to help you find the right buy-to-let property for sale, without the worry of being gazumped by another buyer.
To find out more about our services, which include help with buying a house at auction, simply visit The Buy2Let Shop website today.