Gazumping returns to Rugby

The Cadman Homes office in Castle Street
The Cadman Homes office in Castle Street
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A lack of properties for sale is seeing the return of gazumping - and Cadman Homes in Rugby is offering incentives to sellers looking to take advantage of the market.

A chronic lack of homes for sale is continuing to drive up house prices with a return of sealed bids and gazumping in some areas. Gazumping occurs when a seller accepts an oral offer of the asking price from one potential buyer, but then accepts a higher offer from someone else.

The number of homes on the market has remained fairly constant in the past month, but there was a 10 per cent increase in buyers registered with local agents, Cadman Homes.

“The situation is giving sellers the upper hand,” said Adam McHenry, of Cadman Homes in Rugby.

This echoes numerous reports and publications, and is the main reason behind the speculation about a housing bubble and interest rate rises.

Adam added: “There is a chronic lack of supply in Rugby at the moment, and we are definitely seeing a larger amount of buyers than potential sellers registering at the moment.

“The message has to be – don’t wait until everyone else starts selling, when there will be more property to choose from – take advantage of the massive amount of demand now.

“Things will balance out eventually as supply rises, mortgage criteria tighten and interest rate rises are threatened.”

For more information visit Cadman Homes in their Castle Street office on (01788) 560905.