Almost one in five property sellers in the UK currently experience gazundering, where buyers reduce their offer at a late stage of negotiations to pressure sellers into accepting less money, according to research by house buying company Quick Move Now. While 28% of attempts are successfully rejected, the vast majority end up in price renegotiations, and 6% of sales fall through as a result.
Sellers Share Their Ordeals
Katharine Storr, 38, a writer from Tooting, was due to exchange contracts on her family home when the buyers slashed their offer by £30,000. "They were bringing up all kinds of things which were in the survey, but weren't issues at all," she said. "They had us over a barrel and knew it, as we have three children and were moving house for schools." Backed into a corner, Katharine and her husband Matt accepted £15,000 less than the original offer.
Three quarters of sellers who have been gazundered reported that they also gave into the pressure, with reasons including believing the lower offer was still fair, not wanting to jeopardise their onward sale, and not wanting to waste more time finding another buyer.
Emotional and Financial Toll
Evie Richards, 25, an SEO specialist from South London, was selling the house she shared with her boyfriend after their breakup. After accepting an offer £20,000 below asking in June 2023, the buyer claimed in September that unless they accepted £30,000 less, he would "walk away" completely. "My world shattered," she recalled. After negotiations, they agreed to £7,000 less plus amenities like the fridge and garden furniture. Evie called the ordeal "a waste of time and money" that left her "terrified that the buyer would pull out."
Maria Bailey, 47, director of a community interest company in Torbay, faced a buyer who initially dropped his offer by £60,000. She declined, but the buyer later offered full asking price, then £15,000 over asking, claiming to be a cash buyer. After months of delays, he reduced his offer by £20,000 two days before exchange, citing a stamp duty calculation issue. Maria accepted, calling it "horrendous" and adding, "I felt like I'd had money stolen from me."
Market Conditions Encourage Gazundering
Simon Nosworthy, head of residential conveyancing at Osbornes Law, said there has been a "staggering" rise in gazundering over the past year, to the point it is now "standard practice." "It used to be that gazundering was seen as really bad form and an underhand tactic that most people wouldn't consider, but now I expect it to pop up on every deal," he said.
Chris Hodgkinson, managing director of House Buyer Bureau, advised sellers to re-negotiate and try to meet in the middle. "While this means you will still secure less for your home, it means you can reduce the hit you take on price without losing your buyer," he said. For buyers, he warned that gazundering can mean losing out on the house for the sake of a few thousand pounds, calling it "unnecessary unless your mortgage offer has changed."
Calls for Regulation
All three women called for regulation to curb gazundering, but no such regulation currently exists. Evie advised sellers to "look past the panic and keep a cool head," dealing in facts over feelings and seeking guidance from their solicitor or estate agent. "By all means feel free to get angry and shed some tears – just make sure you put on your best poker face when dealing with your opportunistic buyer," she said.
