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| More than one million London housebuyers were 'gazumped' by rival bidders in 2016 | |
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| More than a million people in London trying to buy property were ‘gazumped’ by a rival buyer in 2016, after their offer was accepted, according to new research. | |
| A survey of almost 2,000 people, conducted by bridging lender Market Financial Solutions and published on Tuesday, shows that over £4.4 billion in intermediary fees was lost last year as a result of property purchases falling through at the last minute. | |
| Fifteen per cent of adults in the city lost out on a property purchase to a rival buyer at the very last minute, according to the study, which is three times the national figure of just 5 per cent. | |
| “Most people who have dipped their toe into the property market will have felt the frustration of deals falling through at the last minute,” said Paresh Raja, chief executive officer of MFS. | “Most people who have dipped their toe into the property market will have felt the frustration of deals falling through at the last minute,” said Paresh Raja, chief executive officer of MFS. |
| “Not only are people losing out on the fees they pay to solicitors and surveyors, but many buyers are also losing out on their dream home.” | “Not only are people losing out on the fees they pay to solicitors and surveyors, but many buyers are also losing out on their dream home.” |
| The results illustrate the dog-eat-dog nature of the capital’s property market. | The results illustrate the dog-eat-dog nature of the capital’s property market. |
| As well as domestic demand, London ranks second in the world for foreign property investment, with £18.8 billion worth of property bought by overseas buyers in the year to June 2016, according to a recent report by estate agent Knight Frank. | As well as domestic demand, London ranks second in the world for foreign property investment, with £18.8 billion worth of property bought by overseas buyers in the year to June 2016, according to a recent report by estate agent Knight Frank. |
| The report by MFS showed that deals are most likely to falter because of the availability of funding, and that prospective buyers aged between 18 and 34 were most vulnerable to a funding squeeze. | The report by MFS showed that deals are most likely to falter because of the availability of funding, and that prospective buyers aged between 18 and 34 were most vulnerable to a funding squeeze. |
| “As mortgage lenders implement greater regulation, getting finance in a timely manner has become an increasingly pertinent challenge,” said Mr Raja. | “As mortgage lenders implement greater regulation, getting finance in a timely manner has become an increasingly pertinent challenge,” said Mr Raja. |
| The London housing market is also by far the most expensive in the country. | The London housing market is also by far the most expensive in the country. |
| The recently published Nationwide House Price Index shows that the average house price in London stands at £473,073 – more than twice the national average of £217,000. | The recently published Nationwide House Price Index shows that the average house price in London stands at £473,073 – more than twice the national average of £217,000. |