Dan Whitworth

Gazundering, when buyers lower their offer just before contract exchange, is reported as an increasing issue in England and Wales amid a shifting property market. A family’s near-loss of a sale highlights the financial pressure sellers face due to non‑binding offers until exchange. The Conveyancing Association urges the government to accelerate planned reforms intended to shorten transaction times and introduce legally binding agreements that penalize last‑minute withdrawals. Suggested ways to reduce the risk include setting clear boundaries with estate agents, preparing documentation early, using reservation agreements and considering conditional binding offers.

Gazundering, when buyers lower their offer just before exchanging contracts, is increasing in England and Wales due to a buyers' market and long transaction times. Homeowners risk financial losses or collapsed chains when confronted with last‑minute price cuts. The Conveyancing Association urges the government to accelerate planned reforms introducing legally binding agreements and penalties to prevent such behaviour, currently scheduled for 2029. Suggested preventive measures include clear financial boundaries with agents, preparing legal documents early, using reservation agreements, and conditional binding offers.