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Buoyant homes market encourages gazumping

One in 10 homebuyers will resort to gazumping to ensure they get their dream home, according to a quarterly survey by Yorkshire Bank.

With many properties selling within days of being put on the market, Yorkshire found that a significant proportion of the 2,000 homebuyers questioned in March were prepared to adopt underhand tactics in pursuit of the home they want.

But the research has found it is in areas such as Cornwall, Devon and Yorkshire – and not London – where the most cut-throat deals are being made.

Seven per cent of homebuyers in these areas said they were prepared to go straight in with an offer in excess of the asking price.

The survey also found that, despite predictions of a property slump, 61 per cent of people are confident that their home will increase in value over the coming year, with one in six hopeful of seeing a “significant” hike in the value.

Just 3 per cent of those questioned were concerned that their house may be worth less than its current value in 12 months&#39 time.

Chief operating officer Paul Fegan says: “The UK housing market appears to be remaining more buoyant than some in the industry have been indicating. House prices are continuing to rise, giving those homeowners who want to capitalise on the growing value of their home the confidence to do so.”


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Scott Dolfi

Born: New York stateAge: 39Lives: Notting Hill with his wife and three childrenEducation: BS Engineering and Management, Clarkson University, New York. MS Industrial and Management Engineering Rensselaer Polytechnic InstituteCareer: 1985-89 TRW Inc project manager on management associates programme. 1989-1997 GE Commercial Real Estate Financing & Services asset manager then managing director of quality. 1997-99 GE […]

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