Many
first-time buyers see their
property purchases fall through, with most blaming gazumping, reveals new research.
According to a survey from Scottish Widows
Bank, one in three people fail to secure a
mortgage on a property they want, with a third of them saying that too often deals fell through after a property price was put up despite a lower price already agreed.
The survey revealed that this practice of gazumping to be a greater problem for property hunters in
England and
Wales than for those hunting for
international mortgages in Europe.
In
France, just 29 per cent lost a
property sale due to gazumping and only 18 per cent in
Germany reported this problem as the cause of a failed property deal.
The survey also found that many people in the UK, including first-time
buyers, spent little time viewing a property.
At least two-thirds revealed they spent under half an hour looking at a property they were interested in and 20 per cent said they purchased the first place they saw.
However, Murdo McHardy from Scottish Widows Bank, added: "Spending relatively little time on the property hunt doesn't seem to reflect the fact that for many of us, it is the biggest financial commitment we're ever likely to make."
