Yorkshire Bank reckons the practice of gazumping is set to make a more prominent return to the UK ho...
Yorkshire Bank reckons the practice of gazumping is set to make a more prominent return to the UK housing market with further house price rises expected and public confidence 'bubbling over'.
The assertion is based on the group's latest quarterly Housebuyers' Survey which shows one in 10 housebuyers are prepared to resort to gazumping to get the house they want.
Although London and the South East are widely considered as the UK's property hotbed it is actually in Yorkshire, Devon and Cornwall that the problem of gazumping is most likely to be encountered.
Housebuyers prepared to play it by the book are still willing to play tough. The research revealed more than one in 10 would immediately offer the asking price for a property.
Paul Fegan, Yorkshire Bank's chief operating officer, 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."
Since January, Yorkshire Bank's survey reveals a shift away from housebuyers willing to be tied into fixed rate deals and a 13% increase in those looking to take out a standard variable rate repayment mortgage.
Fegan added: "Our findings show housebuyers are reassessing their mortgage needs to take advantage of the increasing number of more flexible mortgages becoming available and the current low interest rates, while they last. One in five homeowners are considering swapping to a mortgage that would allow them to pay it off early.
The research involved more than 2000 adults nationwide.
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