The return of gazumping

The results of the latest quarterly Housebuyers Survey from Yorkshire Bank’s has found that many properties are still selling in days rather than weeks, and as a result one in 10 housebuyers are now prepared to gazump to get the house they want.

The survey found that the biggest threat from gazumping is not, as would be expected, in London or the South East, but in Yorkshire, Devon and Cornwall.

Paul Fegan, chief operating officer at Yorkshire Bank, said: "The UK housing market appears to be remaining more buoyant than some in the industry have been indicating, according to our independently commissioned research. House prices are continuing to rise, giving those homeowners who want to capitalise on the growing value of their home by moving up the property ladder, the confidence to do so. This confidence must be strengthened by the fact that nine out of 10 people feel assured of their job security and promotions and pay rises are continuing to influence one in 10 decisions to move."