For MFS’ Q2 independent research, we surveyed a nationally representative sample of 2,000 people about their experience with gazumping as part of their home buying process. The results showed that gazumping is still a prevalent issue across England and Wales, but a few key regions are leading the charge.

Londoners, unsurprisingly, are embracing brutal tactics. Of those who had bought a house in the prior decade, 42% admitted to gazumping a rival bidder for their current home. Meanwhile, 66% said they’d consider gazumping a rival in the future if it secured them a property.

But, outside of the capital, other hotspots also emerged. Over half (57%) of respondents in the North West also said they’d consider gazumping in the future, as did 51% in Yorkshire and Humber.

Those operating in these regions need to pay attention. Especially as our collective fortunes rebound.

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The UK has officially exited last year’s technical recession, seeing the fastest growth in two years.  Our economy grew by 0.6% in Q1 2024, a better result than what many had forecasted. The positive results left Andrew Bailey “optimistic” about the state of the economy. While we’re not there yet, it’s likely we’ll start seeing interest rates drop over the coming months.

All this good news will likely filter its way through the buyer’s psyche. Given how difficult it’s been for them since the 2022 mini-budget, they’ll probably be keen to latch on to any positives they can get their hands on. Where economic confidence rises, more capital will likely flow into the property market.

Based on what our respondents shared, gazumping may only become more widespread over the coming months and years. Indeed, our solid economic news forced Savills to revise, and upgrade its five-year UK mainstream house price forecast. By 2028, the average house price could jump by over £61,000.

Knowing how valuable their assets are, or will be, sellers may be especially amenable to accepting last minute higher offers. All of this translates to a very competitive market, in which buyers will need to do whatever they can to get an edge.

This is where the specialist lending scene comes into play. Bridging loans, and bespoke BTL mortgages, will continue to be there for borrowers in need of speed, flexibility, and adaptability.

Gazumping, as an issue, is unlikely to be going anywhere. But, the solutions could be just as prevalent.