In-Deed, the new conveyancing service launched by ex-Countrywide boss Harry Hill, has coined a new phrase for the property market in the launch of a new consumer video today, fronted by Phil Spencer.
It warns of the dangers of ‘gazanging’ – described as a new phenomenon in the property market where sales fall through, not because of gazumping or gazundering, but because sellers change their minds and decide to stay put.
According to In-Deed, more than 54,000 home buyers (19%) had sales fall through in the first half of this year because of ‘gazanging’ – a 20% increase on the previous half year.
The firm, which earlier this year was the first conveyancing business to launch on AIM and was instantly valued at more than £11m as it stated its ambition to take market share, says gazanging is now more likely to affect buyers than gazumping.
Uncertainty about the property market and an under-supply of suitable homes are major drivers of gazanging.
More than a quarter (28%) of sellers who opted to stay put say that they could not find a suitable property to purchase, whilst 12% said they got cold feet because they were unsure about what would happen to house prices.
Nearly one in six (16%) also said they were frustrated with the whole home-buying process, and became fed up with conveyancing delays and complications.
So, what does Phil advise? EAT has arranged for the video to be shown on our site. You can find it here: