Gazumping, the art of buying a property from another’s hands at the last minute, is more prevalent in London than any other area of the UK. This means that London is the most cutthroat market in the country and Londoners the most ruthless buyers. A recent study shows that 15% of adults in London – the equivalent of more than 1 million people in the capital – have lost out on a property purchase to a rival buyer despite having an offer accepted. The average for the rest of the UK stands at just 5%.

Key Takeaways:

• Londoners are the most ruthless property buyers in the UK.
• 15% of all London adults have been “gazumped”, lost out at the last moment on a property they have agreed a price on.
• The national average for this kind of gazumping stands at just 5%

“15% of adults in London – the equivalent of more than 1 million people in the capital – have lost out on a property purchase to a rival buyer despite having an offer accepted”

http://www.voice-online.co.uk/article/londoners-revealed-most-ruthless-uk-property-buyers