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Third of house purchases secured by ‘gazumping’ another buyer’s offer

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The most common reason for house sales falling through during the past year is gazumping, new research reveals.

Gazumping involves the seller backing out of an agreed sale due to a higher offer from elsewhere, and either taking it or asking for more money from the original buyers.

Price comparison website Compare The Market found that 39 per cent of buyers admitted that they had successfully secured their home this way and outbid another offer that had already been accepted.

Comparethemarket found that 39 per cent of buyers admitted that they had successfully secured their home via the gazumping route

Comparethemarket found that 39 per cent of buyers admitted that they had successfully secured their home via the gazumping route

Separately, the research found that among those who tried to buy in the past year but had their purchase fall through, gazumping was to blame for 38 per cent of failed transactions.

Given that the property is so red hot at the moment, it is perhaps unsurprising that homebuyers are willing to pay over the odds. Figures yesterday from Nationwide Building Society showed house prices up 13.4 per cent over the past year.

Indeed, the research found that three-quarters of potential homebuyers would consider gazumping if their dream home was already under offer with another buyer.

The research said that the prospect of being gazumped is adding to stress levels for many homebuyers.

A total of 81 per cent of those waiting for their house purchase to complete expressed concern that another potential buyer might come in and gazump them.

Another reason for transactions falling through is the failure to meet the stamp duty deadline on June 30, which has accounted for 18 per cent of sales falling through, according to the research.

Failing to meet the deadline for the stamp duty holiday leaves some buyers with a larger tax bill that can make the purchase of a house unaffordable. 

This week marks the end of the stamp duty holiday, which sees no tax on the first £500,000 of a property purchase price replaced by none on the first £250,000 until the end of September. Stamp duty is due to return in full after that.

In addition, the survey found that 15 per cent had a transaction fall through due to a member of the household being furloughed, leaving them ineligible for a mortgage. 

The prospect of being gazumped can add to the levels of stress associated with purchasing a property

The prospect of being gazumped can add to the levels of stress associated with purchasing a property

During the past year, 38 per cent of homebuyers paid above the asking price of a property to secure the deal, paying £16,000 on average.

Gazumping is currently legal in Britain, as the ‘agreement of purchase’ only becomes legally binding once contracts have been exchanged.

If a buyer is gazumped after their initial offer had already been accepted, they may also lose out on fees already paid on surveys, solicitors and obtaining a mortgage for the property.

This has created concern in the market and the research found that 68 per cent of people who have bought or tried to buy a house in the past year would support a law that made gazumping illegal, or better protections are in place to prevent this happening

Mark Gordon, of Compare The Market, said: ‘The race to meet the first stamp duty deadline on June 30 has led to an increase in demand for homes, meaning many buyers are willing to pay above the odds and even gazump homes which are already under offer.

‘This has left many prospective buyers significantly out of pocket and adds additional stress to the homebuying process, given the average sale takes about three months to formally exchange contracts.

‘Whether you are a first-time buyer or moving home, prospective homebuyers should be as prepared as possible before making an offer to ensure that the process runs smoothly and quickly. It’s important to make sure you shop around online to compare mortgage rates and have all your finances lined up before putting in an offer.’

The research was based on 2,002 respondents who have bought or tried to buy a house in the past year to May 2021 or who are looking to buy.

How to avoid being gazumped 

While there are no sure-fire ways to avoid being gazumped, buyers can reduce the chances of it happening by taking some simple precautions.

  • Get organised: The sooner an offer is made, the less chance there is of another buyer putting in a higher bid.
  •  Make sure your finances are in place and that you’ve got a mortgage ‘agreement in principle.’
  • Request that the property is taken off the market as part of the offer that is made on the property.
  • Consider a ‘lock-out agreement’ or ‘exclusivity agreement.’ This is where the vendor agrees not to seek, or accept, other offers from other buyers for a certain period. 

And if you do lose out on a purchase, you may be able to recoup some of the costs…

  • Buyers can protect themselves by taking out ‘home buyers protection’ insurance. Policies cover some of the loss of legal, valuation and mortgage administration fees.

North London estate agent Jeremy Leaf said: ‘Gazumping is frequently raised as an issue when buyers are unable to purchase a property. However, we find that in most cases the fault lies with the buyers themselves for failing to exchange contracts within an agreed timescale perhaps or because they were unable to obtain mortgage finance or to arrange a survey in time.

‘Of course, under the present arrangements there is very little to be done in terms of reimbursing those who are genuine victims of the practice. But the advantage of our present system is its flexibility, so that if buyers are unable to meet their obligations, it is relatively easy for alternatives to be found.

‘Other countries do operate different systems whereby offers can be ring fenced for a specific period but that often leads to buyers and sellers playing for time until that period has elapsed or it makes the whole process longer than it needs to be.There are advantages and disadvantages of both systems – neither is perfect.’

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Green mortgages may leave owners of older homes unable to sell

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Estate agents warn owners of older homes, rural houses and listed properties could struggle to sell under green mortgage plans

  • Boris Johnson has unveiled his plans for turning Britain green by 2050 
  • The plans include proposals on how to make the housing stock greener 
  • The plans would see lenders disclose the energy performance of properties










Homeowners living in older, rural and even listed properties risk being unable to sell if strict green finance targets are introduced, estate agents have warned.

The warning comes after Boris Johnson unveiled his plan for turning Britain green by 2050 this week, with mortgage lenders having targets for the energy performance of properties in their portfolio.

A body that represents estate agents across Britain claimed that the property market could be distorted as a result of the measures and called for Britain’s historic housing stock to be taken into account.

Boris Johnson revealed proposals on how to make the housing stock greener this week

Boris Johnson revealed proposals on how to make the housing stock greener this week

Timothy Douglas, of Propertymark, said: ‘Incentivising green improvements to properties via lending creates risks of trapping homeowners with older properties, those who live in rural areas, listed buildings or conservation areas, making their homes difficult to sell and therefore reducing the value.’

Propertymark said that those living in older properties could be left with homes that they could not sell if buyers were unable to secure finance on them due to their lower energy efficiencies.

The effect would be likely to be felt more by less wealthy owners, as deep-pocketed buyers would be more able to overlook mortgage restrictions and high-end older homes would continue to be desirable.

Mr Douglas said: ‘The use of targets could distort the market and sway lenders towards preferential, newer homes in order to improve the rating of their portfolio.

‘Stopping a large portion of housing stock from being able to enter the market could cause havoc for home buying and selling as well as the wider economy.’ 

He added that improving the energy efficiency of homes should be reliant on consumer choice and not something enforced by mortgage lenders, with all the knock-on effects this could entail.

He said: ‘We would be concerned if lenders raise rates and limit products because fundamentally, improving the energy performance of a property is reliant on consumer choice and it is not the core business of mortgage lenders.’

Mark Harris, of mortgage broker SPF Private Clients, said: ‘The green agenda is not new but there is increasing impetus behind it. There are more green mortgage products aimed at those purchasing more energy-efficient properties – A-C rated, and not just from specialist lenders but the high street banks too.

‘However, there is a real danger that green initiatives could create the next round of mortgage prisoners if homeowners are trapped in older homes that can’t be improved, so they can’t move because they can’t sell them on.

‘Without changes or improvements, lenders may restrict lending to lower loan-to-values, higher pricing, or not lend at all. This could penalise those who are unable to adapt to or adopt new efficient technologies economically.’

A UK Finance spokesperson said: ‘Greening our housing stock is vital if we are to meet our climate change obligations and banks and finance providers are committed to helping achieve this goal and making sure consumers are not left behind.’

Ways to boost energy efficiency  

Propertymark recommends three measures to improve the energy efficiency of homes without negatively impacting the housing market.

1. Improvements linked to an EPC

These include linking a plan for energy efficiency improvements to the recommendations on a property’s Energy Performance Certificate.

It could demonstrate the ‘most suitable route’ to a warmer home, regulatory compliance and zero carbon, according to Propertymark.

2. Tax breaks

It also recommends using tax breaks to incentivise homeowners to finance energy efficiency improvements.

For example, these could include making energy improvements exempt from VAT or offering lower rates of council tax for homes that have been made more energy efficient.

3. Adjustable tax rates

An adjustable rate of property tax that is tied to energy performance is also being recommended by Propertymark.

This could be done in two ways, it suggested. First, by applying the adjustment as a reduction on more energy-efficient properties. And second by offering rebates to buyers if energy efficiency improvements are made to less efficient properties within a certain time period after purchase.

Propertymark said that by linking energy performance with property taxes, this could help introduce increased saleability for more energy-efficient properties. In addition, it suggested that improvements would become standard for homeowners seeking costs and improve the desirability of their homes.

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Johnson rules out face masks as UK’s daily Covid cases rise above 50,000

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Daily coronavirus cases in Britain have risen above 50,000 for the first time since July, but Boris Johnson said he will not bring back compulsory face coverings or introduce vaccine passports.

Speaking in Northern Ireland, the prime minister said his government was holding firm to its policy of no legal restrictions introduced in July, but was watching the numbers carefully.

“The numbers of infections are high but we are within the parameters of what the predictions were,” he said. “We are sticking with our plan.”

Mr Johnson acknowledged the “patchiness” of Britain’s vaccination programme, urging people to come forward for their booster jabs as soon as they are invited to do so. But Labour leader Keir Starmer said the government should beef up the programme, ensure that more children were vaccinated and aim to deliver half a million jabs a day.

“The government said that the vaccine would be the security wall against the virus and now the government is letting that wall crumble,” he said.

“We’ve seen those that most need it not able to get the jab they need. Only, I think, 17 per cent of children have got the vaccine. And the booster programme has slowed down so much that at this rate we’re not going to complete it until spring of next year. So the government needs to change these, it needs to get a grip. I think it needs to drive those numbers up to at least 500,000 vaccines a day.”

Vaccine passports

The British Medical Association (BMA) accused the government of “wilful negligence” in not bringing back some restrictions, and of failing to learn the lessons of a parliamentary report last week about its handling of the pandemic. The association’s chairman, Chaand Nagpaul, said doctors could say categorically that it was time to bring back compulsory face masks and to introduce vaccine passports.

“By the health secretary’s own admission we could soon see 100,000 cases a day, and we now have the same number of weekly Covid deaths as we had during March, when the country was in lockdown,” he said.

“It is, therefore, incredibly concerning that he is not willing to take immediate action to save lives and protect the NHS. ”

Health secretary Sajid Javid warned this week that some restrictions could be introduced if the public failed to exercise caution and to take up vaccination offers. He acknowledged that Conservative MPs could show an example by wearing masks in the House of Commons, but house leader Jacob Rees-Mogg on Thursday rejected the suggestion.

Crowded spaces

“There is no advice to wear face masks in workplaces. The advice on crowded spaces is with crowded spaces with people that you don’t know. We on this side know each other,” he told the SNP’s Pete Wishart.

“Now, it may be that he doesn’t like mixing with his own side, wants to keep himself in his personal bubble. He may find the other members of the SNP – who I normally find extraordinarily charming…but we on this side have a more convivial fraternal spirit, and for our calling the guidance of her majesty’s government.”

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Britney Spears and fiancé Sam Asghari are spotted house hunting at Jeffree Star’s mansion

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Britney Spears and fiancé Sam Asghari have been spotted house hunting – and the $16.5million mansion in the upscale Hidden Hills neighborhood in Calabasas they’re considering belongs to none other than makeup mogul Jeffree Star. 

Britney continues to make strides in regaining her freedom and was seen by DailyMail.com Tuesday arriving at the private entrance to the Hidden Hills estate, only accessible to its A-list residents, including Drake, The Kardashians and Miley Cyrus

Britney, 39, drove her white Mercedes-Benz to the gates while 27-year-old Sam, dressed in short camo shorts and and a tight-fitted blue t-shirt, got out of the car and went to the gatehouse. 

They were greeted by a real estate agent who gave them access, arriving at the property at 2pm and viewing the house for about 35 minutes.

The house, purchased by Jeffree in 2019 for $14.6 million, has seven bedrooms, 13 bathrooms and boasts sweeping views of the Southern California hills. 

DailyMail.com spotted Britney Spears and fiancé Sam Asghari house hunting Tuesday in the upscale Hidden Hills neighborhood in Calabasas, California

DailyMail.com spotted Britney Spears and fiancé Sam Asghari house hunting Tuesday in the upscale Hidden Hills neighborhood in Calabasas, California

Sam, dressed in short camo shorts and and a tight-fitted blue t-shirt, got out of the car and went to the gatehouse

Sam, dressed in short camo shorts and and a tight-fitted blue t-shirt, got out of the car and went to the gatehouse

The house, purchased by Jeffree in 2019 for $14.6 million, has seven bedrooms, 13 Bathrooms and boasts sweeping views of the Southern California hills

The house, purchased by Jeffree in 2019 for $14.6 million, has seven bedrooms, 13 Bathrooms and boasts sweeping views of the Southern California hills

They were greeted by a Real Estate Agent who gave them access, arriving at the property at 2pm and viewing the house for 35 minutes

They were greeted by a Real Estate Agent who gave them access, arriving at the property at 2pm and viewing the house for 35 minutes

Britney drove her white Mercedes-Benz to the gates while Sam, dressed in short camo shorts and and a tight-fitted blue t-shirt, got out of the car and went to the gatehouse

Britney drove her white Mercedes-Benz to the gates while Sam, dressed in short camo shorts and and a tight-fitted blue t-shirt, got out of the car and went to the gatehouse

Britney drove her white Mercedes-Benz to the gates while Sam, dressed in short camo shorts and and a tight-fitted blue t-shirt, got out of the car and went to the gatehouse

Sam, 27, has been by Britney's side throughout her conservatorship battle and as her soon-to-be husband it's only right he accompany her on her house hunting adventures

Sam, 27, has been by Britney’s side throughout her conservatorship battle and as her soon-to-be husband it’s only right he accompany her on her house hunting adventures 

The engaged couple were seen arriving at the private entrance to the Hidden Hills estate only accessible to its A-list residents, including Drake, The Kardashians, Miley Cyrus and Jennifer Lopez

The engaged couple were seen arriving at the private entrance to the Hidden Hills estate only accessible to its A-list residents, including Drake, The Kardashians, Miley Cyrus and Jennifer Lopez

The house hunting comes days after Britney wrote a scathing Instagram caption, in which she told her relatives they should be worried if she ever gives an interview

The house hunting comes days after Britney wrote a scathing Instagram caption, in which she told her relatives they should be worried if she ever gives an interview

The Jeffree Star Cosmetics founder listed his mansion in July this year with plans to move to Wyoming full-time. 

Jeffree Star listed his mansion in July this year with plans to move to Wyoming full-time

Jeffree Star listed his mansion in July this year with plans to move to Wyoming full-time

The YouTuber has had a career embroiled in controversy and made the move to his 70-acre ranch in Wyoming, where he’d already been living part-time, to focus on his mental health.  

‘I need to get away from California and its day-to-day atmosphere,’ he said in a YouTube video. ‘I think I’ve gotten all that I can out of this state.’ 

And while he’s ready to start anew, so is Britney, after her father Jamie was removed as conservator of her multimillion dollar estate  last month. 

According to the listing, the 21,000sqft French Normandy Estate sits on 2.82 acres and is nestled at the end of a quiet cul-de-sac.  

The home boasts ‘superior quality amenities throughout’ which include a home theater with custom seating, large game room with wet bar, two story gym with steam & sauna, complete home spa, and a wine tasting room & refrigerated wine cellar. 

According to the listing, the 21,000 square foot French Normandy Estate sits on 2.82 acres and is nestled at the end of a quiet cul-de-sac

According to the listing, the 21,000 square foot French Normandy Estate sits on 2.82 acres and is nestled at the end of a quiet cul-de-sac

Outside, the grounds feature a sparkling pool, spa, fire pit, two barbecue centers and two covered patios

Outside, the grounds feature a sparkling pool, spa, fire pit, two barbecue centers and two covered patios

A sunken outdoor living room with a fire pit in the middle is surrounded by the luxurious pool and fits at least a dozen guests

A sunken outdoor living room with a fire pit in the middle is surrounded by the luxurious pool and fits at least a dozen guests

The home boasts a  large gourmet kitchen with two islands that opens to the family room, two beautiful custom offices, large game room with wet bar, craft room, home automation system, safe room

The home boasts a  large gourmet kitchen with two islands that opens to the family room, two beautiful custom offices, large game room with wet bar, craft room, home automation system, safe room

The home movie theater is beyond and impressive and perfect for entertaining guests who visit Britney and Sam

The home movie theater is beyond and impressive and perfect for entertaining guests who visit Britney and Sam 

The home has an expansive wine cellar with a two-seater table for any wine-loving connoisseurs to enjoy

The home has an expansive wine cellar with a two-seater table for any wine-loving connoisseurs to enjoy 

The listing states, ‘Additional features include a large gourmet kitchen with two islands that opens to the family room, two beautiful custom offices, large game room with wet bar, craft room, home automation system, safe room, and sculptural glass elevator.’

The main house has five bedroom suits, including the luxurious master suite, perfect for Britney and her new fiancé. 

Outside, the grounds feature a sparkling pool, spa, fire pit, two barbecue centers and two covered patios. 

The house hunting comes days after Britney wrote a scathing Instagram caption, in which she told her relatives they should be worried if she ever gives an interview.

As she continues to adjust to life as a free woman, the star sent a clear message to those who profited from her ‘abusive’ conservatorship, controlled by her father Jamie, for the past 13 years. 

‘Lord have mercy on my family’s souls if I ever do an interview!!!’ she told her more than 35.4 million Instagram followers on Friday. 

The huge mansion even has a sculptural glass elevator to take you between floors

The huge mansion even has a sculptural glass elevator to take you between floors 

The home also offers a 4,700-square-foot underground garage for more than seven cars

The home also offers a 4,700-square-foot underground garage for more than seven cars

The home boasts ‘superior quality & amenities throughout’ which include a home theater with custom seating, large game room with wet bar, two story gym with steam & sauna, complete home spa, and a wine tasting room & refrigerated wine cellar

Huge doors from an elegant seating area lead out into the pool area for indoor and outdoor fun

Huge doors from an elegant seating area lead out into the pool area for indoor and outdoor fun 

An entire area is dedicated to gaming, with classic gaming machines seen in an elegant room with an oversized chandelier

An entire area is dedicated to gaming, with classic gaming machines seen in an elegant room with an oversized chandelier 

If Britney moves to the estate in Hidden Hills, she'll be neighbors with other A-listers the likes of Drake, The Kardashians and Miley Cyrus

If Britney moves to the estate in Hidden Hills, she’ll be neighbors with other A-listers the likes of Drake, The Kardashians and Miley Cyrus 

For more than a year, Britney has been calling for her father to be fired as her conservator and for an end to the conservatorship which she's called 'abusive'

For more than a year, Britney has been calling for her father to be fired as her conservator and for an end to the conservatorship which she’s called ‘abusive’

In addition to stating she is ‘staying clear’ of the entertainment business for now, Britney confessed navigating her independence has been hard. 

‘I’ll just be honest and say I’ve waited so long to be free from the situation I’m in… and now that it’s here I’m scared to do anything because I’m afraid I’ll make a mistake!!’ she said.    

For more than a year, Britney has been calling for her father to be fired as her conservator and for an end to the conservatorship which she’s called ‘abusive.’

She has said that she’s ‘afraid ‘ of her dad and declared that she would not perform again until he was no longer in charge of the conservatorship he’s been overseeing since her much-publicized breakdown in 2008.

One of her most heart-wrenching revelations came during a tearful phone appearance at Judge Penny’s court last June when she said that she wanted to have a baby with her fiancé, personal trainer Sam Asghari, but the strict conservatorship wouldn’t allow her to remove her IUD birth control.

‘I feel ganged up on and bullied and alone,’ Britney told the court during that emotional statement. ‘I just want my life back.’

She also told the judge that she felt ‘enslaved’ by her dad, whom she, added, ‘should be in jail.’

Britney and Sam are looking forward to starting their lives together now that her father Jamie has been removed as conservator of her estate

Sam has spoken out about Britney's conservatorship and denounced her father Jamie's right to control his pop star daughter

Britney and Sam are looking forward to starting their lives together now that her father Jamie has been removed as conservator of her estate  

For more than a year, Britney has been calling for her father to be fired as her conservator and for an end to the conservatorship which she's called 'abusive'

For more than a year, Britney has been calling for her father to be fired as her conservator and for an end to the conservatorship which she’s called ‘abusive’

Fans hold signs that read 'Fry Jamie Fry' and 'I want my life back' outside of the courtroom last month as Jamie was removed as her conservator

Fans hold signs that read ‘Fry Jamie Fry’ and ‘I want my life back’ outside of the courtroom last month as Jamie was removed as her conservator 

Last year, at her father’s request, the conservatorship (the one dealing with Britney’s personal affairs, not the conservatorship controlling her finances) was temporarily transferred from Jamie to her long-time caregiver Jodi Montgomery.

While he blamed his stepping down on health issues, Jamie’s decision came amid accusations that he had gotten into an altercation with Britney’s then 14 year-old son Sean Preston, now 16.

Kevin Federline – Britney’s ex and the father of Sean and his brother Jayden James, 15 – made a police report and took out a restraining order against his former father-in-law after the incident in which, reportedly, a ‘very angry’ Jamie broke down the door of a room Sean had locked himself in and ‘shook’ the frightened teen.

Finally last month, a judge  suspended Jamie as the conservator of Britney’s personal life and $60 million estate after 13 years, appointing accountant John Zabel as a temporary conservator. 

The suspension comes as allegations of his mistreatment of his daughter – including secretly recording her calls and messages – have ramped up the furor over his conservatorship.

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