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Phil Spencer: How you can avoid being ‘gazundered’ when selling your home


This is a tricky time to be selling. The property portal Zoopla estimates that three out of five homes listed for sale in the first five months of the year are still languishing unsold.

In many areas, there is a glut of properties for sale and sellers far outnumber buyers.

Conditions like these make it likely your home will take longer to sell, and raise the spectre of the dreaded g-word: ‘gazundering’.

Shorts

What is gazundering?

While most people are familiar with gazumping, gazundering is less well-known. It typically afflicts sellers in sluggish periods like the current buyers’ market. It’s what happens when a seller accepts an offer on their home, only for the buyer to reduce their offer at the last minute before contracts are exchanged.

As a seller, gazundering forces you into an eleventh hour renegotiation of your sale. Either you call the buyer’s bluff and risk losing the sale, or you bite the bullet and receive less money than you’d budgeted for.

Scotland’s different laws make it very rare north of the border, but it’s on the rise elsewhere in the UK.

The Government says that in the first three months of 2026, 23.7 per cent of sales collapsed at some point between an offer being made and contracts being exchanged. Gazundering is likely to have been to blame in cases where the seller couldn’t accept a last-minute reduction in price.

Change is coming, but not soon

Despite the heartache they cause, both gazundering and gazumping – which impacts buyers rather than sellers – are completely legal.

They are made possible by the complicated and painfully slow house-buying process in England, Wales and Northern Ireland, in which an offer is often made – and accepted – months ahead of contracts being exchanged.

The Government has pledged to improve all this by requiring agents and sellers to provide more upfront information and speeding up legal paperwork through digitisation. It has also proposed reforms that would see buyers and sellers enter into binding contracts at an early stage, in a variation of the rules currently used in Scotland.

That’s good news as it should reduce the temptation to gazunder or gazump, and reduce the risk of either happening to you. There’s just one snag; many of these changes won’t come into effect until 2029.

Golden rules to avoid being gazundered

But, there are things you can do in the meantime to reduce your risk of being gazundered. Here are my six golden rules:

The price has got to be right. Start by acknowledging that your home may not be worth as much as you aspire to. Research the prices of similar homes in your area, get it valued by an experienced local estate agent and set a realistic asking price.

Don’t let your emotional connection to your home cloud your judgment when it comes to setting the price, and try to put yourself in the mind of a prospective buyer as they view it on a property portal and compare it to other places nearby.

Provide as much information as possible upfront. The more a buyer knows about your property, its condition and important paperwork like planning consents and building regulations, the less the chance of an unpleasant surprise later on – both for you and for the buyer. Omitting things now can increase the risk of the buyer getting cold feet or cutting their offer at the eleventh hour.

Get your estate agent to do due diligence on prospective buyers. Your estate agent wants the sale to complete as much as you do; that’s how they get paid. Make sure they confirm the buyer’s seriousness and ability to pay what they’re offering.

Not all buyers are created equal. Sometimes the best buyers aren’t the ones offering the most money. Look for those who are highly “proceedable”.

Your estate agent should help you identify the strongest candidates, but, as a rule of thumb, prioritise those who are not in a complicated sales chain and have a mortgage arranged for the full amount they need to reach the price they’re offering. Or better still, pick a cash buyer.

Put a date on it. When accepting an offer, set a clear date to exchange contracts. Estate agents say many deals now take 17 weeks or more between a property being listed and an exchange of contracts.

That sounds an age but setting a firm timetable will focus everyone; a deal without a deadline may drag on for months, giving buyers more time to change their mind or have their head turned by another property down the road.

Communicate, communicate, communicate! In the run-up to exchange day, keep in regular contact with your solicitor, and ask your estate agent to do likewise with your buyer’s conveyancer.

Be responsive to queries from your buyer and as accommodating as possible to keep them informed and content. Going silent on them can allow doubts to grow, but the more you build a relationship with them, the less likely they are to gazunder you.

Gazundering is legal and, outside Scotland, it remains a possibility up until the moment you exchange contracts. There is no guaranteed way to prevent it, but you can reduce the risk by being transparent and super-organised. Remember, over a million households move successfully every year – so it can be done.

Phil Spencer is a property expert and co-presenter of Channel 4 show ‘Location, Location, Location’. He is also the founder of Move iQ.



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