Fake Offers Plague UK Property Market
The UK housing market is facing a disturbing new trend: buyers submitting fake offers to manipulate sellers into accepting lower bids. Estate agents report a surge in this unethical tactic, leaving homeowners vulnerable and frustrated.
How the Scam Works
The scheme typically unfolds in several stages:
- A buyer makes an inflated offer on a property to secure their position as the preferred bidder
- After other interested parties withdraw, the buyer suddenly reduces their offer
- With no competing bids remaining, sellers often feel pressured to accept the lower price
Industry Experts Sound the Alarm
Leading estate agents have identified this as a growing problem across the country. "We're seeing more cases where buyers are gaming the system," explains Sarah Wilkinson, a London-based property expert. "It's particularly prevalent in competitive markets where properties receive multiple offers."
Protecting Yourself as a Seller
To avoid falling victim to these tactics, professionals recommend:
- Requesting proof of funds from all serious buyers
- Setting clear deadlines for exchange of contracts
- Considering sealed bids for properties with high interest
- Working with reputable agents who vet potential buyers
The practice, while not illegal, raises serious ethical concerns in an already challenging property market. With house prices fluctuating, experts warn sellers to remain vigilant against these manipulative strategies.
