“Yes, London is an unfriendly city – and long may it stay that way”
How ghost gazumping is haunting London housebuyers
As new as London's latest housing bubble; or conversely, as old as greed.
A number, followed by five or more noughts.
I've heard of gazumping, but what's "ghost gazumping"?:
OK, so you understand how gazumping works ...
I didn't say that, I just said I'd heard of it:
Gazumping is when an offer on a property has been agreed, but a rival buyer comes in at the last minute with a higher offer.
And if that rival buyer also happens to be a poltergeist, then:
Not quite. Ghost gazumping – as coined last weekend by the Financial Times – is when the seller asks the buyer for more money at the last minute, even though there is no rival offer.
It's not as scary as I'd imagined, but it sounds damned cheeky. How does anyone get away with it?:
Thanks to London's overheated, under-supplied housing market. Prices in the capital rose 15% last year, and sellers think their properties are worth more at the time of exchange than they were upon offer. In short, they do it because they can.