Gazumping is not a new concept – but for those currently in the market to buy a new house, sadly it is back with a vengeance. Apparently one quarter of house sales which fell through in the first three months of 2021 were due to the vendor accepting a higher offer.
The practice tends to rear its ugly head when stock is short on the property market, buyers get desperate – and sellers get greedy. If you haven’t heard of it, gazumping is when a seller accepts an offer on their house and the buying process begins – only for the sellers to then take a higher offer from an alternative buyer further down the line (or demand a higher price from the existing buyer with the threat of putting it back on the market if they don’t meet it). This can wreak havoc on entire property chains, leaving buyers without a property and hugely out of pocket at potentially the last moment before everything is due to be signed.
With there apparently being 13 people chasing every property currently for sale, it’s an issue that’s likely to continue – particularly in Yorkshire. According to the article above, sales in Yorkshire and Humber are most likely to go to sealed bids due to the shortage of properties for sale.
So, if being gazumped happens to you, what can you do?
We regularly have people come to use our self storage units who have found themselves in that very situation. Their purchase has fallen through, but they’ve decided to carry on with the sale of their property to protect the chain below and leave them in the strong position of being able to move quickly when they find a new house to offer on.
They might be moving into a short term rental or with family and friends – and so therefore need somewhere to store some of their belongings. We have self storage in Leeds, self storage in York, self storage in Huddersfield, self storage in Harrogate and self storage in Wakefield, all handily situated and easily accessed.
You get given your own secure unit – we have a range of sizes, so can find the one to best suit your needs – to which only you hold the key or code. There are lifts and trolleys to help you move items as needed from the free car park – and in fact at some locations we even have drive up storage units, where you can simply empty directly from your vehicle into the unit.
We don’t require any long term contracts and you only pay for the storage as long as you need it. Our centres are kept safe with state of the art security, CCTV and individual pin code access to the storage centre as a whole. You are free to come and go as you please, so if you realise you need something back, it’s not an issue.
Others prefer to use our container storage service. We can move you from your old property, as we would if we were taking you directly to a new house – but instead we take the sealed crates from the removal van and keep them in secure storage. We can keep hold of them as long as you need us to – but you won’t be able to access the items until we deliver them back to you once you’re ready.
Two storage solutions, but both designed to help you if you find yourself facing a last minute change of plans. Get in touch here to speak to one of the team and to discuss your storage needs.