Gazundering on the rise as opportunistic buyers exploit tough property market

Falling house prices and a tougher property market are prompting more buyers to consider “gazundering”, according to housing experts. Gazundering, which refers to a buyer reducing their offer for a property just before exchange of contracts, is not new but is surging in popularity, according to those in the industry. House prices fell for the first time this year in May, according to figures from building society Nationwide, partly because of rising interest rates triggered by the Israeli-US war with Iran. Shorts And with prices falling, buyers are often adjusting what they want to pay between a sale being agreed and completed, which can take several months. Conveyancers – lawyers who deal with property sales – say they are seeing gazundering more than usual. Andrew Boast, property expert and founder of SAM Conveyancing, said his analysis showed gazundering searches online jumped by 442 per cent in early August alone. He explained the current market has created a perfect storm for opportunistic buyers, as higher supply than demand has put the power in the hands of whoever is making the offer. Boast said: “When a seller feels like their buyer might be the only one who’s going to come along for a while, that buyer knows exactly when they can apply pressure. “This is especially true in the South, where stagnating house prices mean fewer properties are achieving their initial high valuations. Compare that to the North, like Manchester and Yorkshire, where demand is still robust enough that sellers can afford to say no to a last-minute reduction.” Nicola Lebish, a partner at law firm Birketts LLP who advises on high-value and technically complex property transactions, said she has also seen an increase in gazundering in recent months. She added: “In most instances the seller agrees to the reduction; however, we have seen some sellers who are not prepared to accept lower offers, even where there is a significant impact on a chain and have instead simply walked away from the sale.” To protect themselves, she said some sellers were seeking protection mechanisms against gazundering, such as exclusivity agreements. These are pre-contract agreements under which a seller agrees, for a specified period, not to negotiate with or sell to any other prospective buyer, but the price is fixed as a result. Lebish said: “It does not oblige the seller to sell or the buyer to buy. It simply gives the buyer a period of exclusivity and prevents the seller from dealing with third parties during that period. Such agreements fix the price of the property for the exclusivity period. Provided exchange takes place within that timeframe, the price will remain the same.” ‘I called their bluff’ Peter Phillips, 57, from the south-east of England, was gazundered himself last year when the buyers threatened to pull out at the eleventh hour if the asking price on his home wasn’t reduced. He accepted an offer on his house for £340,000 in June 2025 and was due to exchange contracts with the buyers in October 2025, before some delays took place. “The buyers became unhappy when our solicitor explained the delays, which originated further up the chain. They threatened to pull out if it didn’t happen by the end of the month. “Unfortunately, there were further delays, which again caused us some concern,” Peter explained. He was due to exchange in November 2025, but a few days before, the buyers asked for a £10,000 reduction because of the time it was taking and the costs they incurred, or they would pull out. Peter said: “As you can imagine, it was extremely stressful because we had to confirm removals and get all the packing done. “I told them that if they did that, I would not sell the house to them so they might as well pull out now. I effectively called their bluff. They didn’t pull out and the sale went through with no issues. Apart from a stressful month or so for us.” What to do if you are gazundered There is a big difference between a buyer lowering their offer because a survey has uncovered a problem, and someone trying to negotiate a better price at the last minute because they know the seller is boxed in. If the second issue happens to you, experts say there is action you can take. Babek Ismayil, founder of digital homebuying platform OneDome, said: “If it happens to you, ask for a clear reason: what has changed since you agreed to the price? If there is a real issue with the property, understand exactly what it is, and what it could reasonably cost to put right.” If nothing has changed, and the buyer is just renegotiating, you don’t have to accept the new offer. Ismayil added: “Before making that decision, look at the whole picture: how far along is the sale? Is there a chain depending on it? How quickly could you realistically find another buyer? “What would starting again cost you time and money wise? A £5,000 reduction can feel very different depending on whether you’re two weeks into a sale or two days from exchange.”