What is Gazundering and How Can It Be Avoided?

A home seller experienced gazundering when buyers reduced their previously agreed offer by £15,000 just before contract exchange, forcing the seller to reconsider the sale. Gazundering, where buyers lower their offer late in negotiations, is becoming more prevalent due to a rising property supply and competitive market conditions in England and Wales. The government plans to introduce reforms to address this issue, including legally binding agreements to prevent last-minute withdrawals, though these changes are not expected until 2029.

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