New research has revealed that the term “gazundering” has seen an increase in Google search activity.
GetAgent.co.uk analysed Google search terms around the subject of home selling to see which has seen the biggest increase in search interest since the start of 2023 based on the “interest score” attributed by Google.
An interest score represents interest relative to maximum search popularity for any given time and place. The score does not refer to the overall number of searches, but rather a term’s popularity – a score of 100 indicates maximum popularity.
The data shows that so far this year (Jan-Sep), the search term to have seen the biggest boost in popularity is “gazundering” – rising by 97% since January.
Home buyers are regularly gazundering the seller at the last minute and forcing them to take thousands of pounds less for their property, with one firm last year claiming that it occurred as regularly as once in every two transactions.
Homebuyers “price chip” by demanding money off the agreed sale price just before the sale is about to exchange, citing an issue from a survey such as damp, a problem with the roof, or the electrics.
The popularity of “property chain” searches is up 8.5% as cooling market conditions mean chains are lengthening, causing anxiety for hopeful buyers and sellers alike. And these nerves are justified as recent research shows that the number of fall-throughs has increased by more than 10% in just one quarter.
Extended selling timelines have also resulted in the popularity of “conveyancing” searches increasing by 1.9%, as buyers and sellers alike seek to better understand the most time consuming part of the process.
While these search terms have seen upticks in popularity this year, there are some that have seen significant drops. The popularity of “house valuation” has dropped by -31.8% since January as economic turmoil has resulted in less sellers bringing their properties to the market.
Other terms to see a significant drop in popularity include ‘”capital gains tax” (-29.4%), “stamp duty” (-16.9%), and “house price” (-13.5%).
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented:
“It’s not so long ago that we saw an unprecedented rise in gazumping in the UK market, with desperate buyers swooping in to outbid each other at the last minute. But now that market conditions have changed in the face of economic uncertainty, the power dynamic seems to have shifted in favour of the buyer. Hence the rising interest in ‘gazundering’ as buyers have made a last ditch offer for a lower price than originally agreed.
It’s also fascinating to see such a large uptick in search interest for the ‘best’ estate agent. When conditions get tougher, we see sellers and buyers turn their attention to finding the best possible professional to help them navigate the journey and best protect their interests. It’s times like this when great agents are needed the most and, as such, they really start making a name for themselves.”
One Response
A reason why a mandated gap in-between ex&comp is needed.
Gazundering is psychology combined with timing. It only works if both align.
Take away the timing element and it is much harder to achieve.
Conveyancers and agents who lead clients into thinking simultaneous ex&comp is acceptable have a lot to answer for.