New research has revealed that gazumping is once again becoming an issue in home buying, with purchasers in London - specifically between the ages of 18 and 34 - being the most affected.
Market Financial Solutions (MFS) found 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 had an offer accepted.
The survey also found that 9% of Londoners saw their dream purchase unravel at the last minute because they were unable to access funds in time to successfully complete on the property.
"Gazumping is an unsavoury practice that returns when there is fierce competition in the market but it's not something we condone," comments Miles Roberts at North West London estate agents, London Residential.
"We can, however, have a more positive influence when it comes to homes loans. We have just partnered with an independent financial adviser who can secure mortgage offers in principle for our clients and manage timescales with lenders so funds are released on time at completion, ensuring that chains stay intact right up until the keys are handed over."
In particular, the nationally representative survey of 2,000 UK adults revealed that property buyers in London were far more likely to be gazumped by rivals when trying to complete a purchase.