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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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Ireland ‘one of world’s best five places’ to survive global societal collapse

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Ireland is one of the world’s five places best suited to survive a global collapse of society, according to a new study. The others are Iceland, Tasmania, the UK and, topping the list, New Zealand.

The researchers say human civilisation is “in a perilous state” because of the highly interconnected and energy-intensive society that has developed and the environmental damage this has caused.

A collapse could arise from shocks such as a severe financial crisis, the effects of the climate crisis, destruction of nature, an even worse pandemic than Covid-19 or a combination of these, the scientists says.

To assess which nations would be most resilient to such a collapse, countries were ranked according to their ability to grow food for their population, protect their borders from unwanted mass migration, and maintain an electrical grid and some manufacturing ability. Islands in temperate regions and mostly with low population densities have come out on top.

The researchers say their study highlights the factors that nations must improve to increase resilience. They say that a globalised society that prizes economic efficiency has damaged resilience, and that spare capacity needs to exist in food and other vital sectors.

Billionaires have been reported to be buying land for bunkers in New Zealand in preparation for an apocalypse. “We weren’t surprised New Zealand was on our list,” says Prof Aled Jones, at the Global Sustainability Institute, at Anglia Ruskin University, in the UK.

“We chose that you had to be able to protect borders and places had to be temperate. So with hindsight it’s quite obvious that large islands with complex societies on them already” make up the list.

The study, published in the journal Sustainability, says: “The globe-spanning, energy-intensive industrial civilisation that characterises the modern era represents an anomalous situation when it is considered against the majority of human history.”

The study also says that environmental destruction, limited resources and population growth mean civilisation “is in a perilous state, with large and growing risks developing in multiple spheres of the human endeavour”.

New Zealand was found to have the greatest potential to survive relatively unscathed due to its geothermal and hydroelectric energy, abundant agricultural land and low human population density.

Jones says major global food losses, a financial crisis and a pandemic have all happened in recent years, and “we’ve been lucky that things haven’t all happened at the same time – there’s no real reason why they can’t all happen in the same year”.

He adds: “As you start to see these events happening I get more worried, but I also hope we can learn more quickly than we have in the past that resilience is important. With everyone talking about ‘building back better’ from the pandemic, if we don’t lose that momentum I might be more optimistic than I have been in the past.”

He says the coronavirus pandemic has shown that governments can act quickly when needed. “It’s interesting how quickly we can close borders, and how quickly governments can make decisions to change things.”

But, he adds, “This drive for just-in-time, ever-more-efficient economies isn’t the thing you want to do for resilience. We need to build in some slack in the system, so that if there is a shock then you have the ability to respond because you’ve got spare capacity. We need to start thinking about resilience much more in global planning. But, obviously, the ideal thing is that a quick collapse doesn’t happen.” – Guardian

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Couple who bought coach house reveal transformation on George Clarke’s Remarkable Renovations 

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A couple who bought a 19th-century coach house for £284,000 reveal their transformation of the property into a stunning family home on tonight’s episode of George Clarke’s Remarkable Renovations. 

Childhood sweethearts Laura and Adrian, from Staffordshire, sold their own home, moved into a caravan and began renovating the derelict building into an Insta-worthy three bedroom house, with an added granny annex for Adrian’s parents Andrew and Elinor.

The couple, who appear on the Channel 4 programme tonight, initially wanted to renovate the 900 sq ft property within a £350,000 budget. 

But the build was hampered by difficulties from the outset, including delays with planning permission and the Covid-19 crisis, pushing their bill up to £450,000.   

BEFORE: Laura and Adrian, from Staffordshire, reveal their unrecognisable transformation of a 19th-century coach house into a stunning family home on George Clarke's Remarkable Renovations tonight. Pictured, the home property before the build

BEFORE: Laura and Adrian, from Staffordshire, reveal their unrecognisable transformation of a 19th-century coach house into a stunning family home on George Clarke’s Remarkable Renovations tonight. Pictured, the home property before the build

AFTER: At the end of the build the couple unveil their stunning contemporary home which oozes charm and character. The living space blends modern style with traditional features, keeping the building's style alive

AFTER: At the end of the build the couple unveil their stunning contemporary home which oozes charm and character. The living space blends modern style with traditional features, keeping the building’s style alive

BEFORE: Having been used as a coach-house for other people's caravans for the past decade, the building is in poor condition with rotten timbers and mismatched brickwork at the start of the project. Above, a room that becomes the living room

BEFORE: Having been used as a coach-house for other people’s caravans for the past decade, the building is in poor condition with rotten timbers and mismatched brickwork at the start of the project. Above, a room that becomes the living room 

AFTER: The couple went £100,000 over budget on the build after unexpected costs sprung up but were delighted with the final result, including this stylish living room complete with pops of colour and plush furniture

AFTER: The couple went £100,000 over budget on the build after unexpected costs sprung up but were delighted with the final result, including this stylish living room complete with pops of colour and plush furniture 

The property is situated in the grounds of what was the Cliff Hall estate in the village of Kingsbury, near Birmingham.  

When George first met the couple in June 2019, they had already been living in a caravan on the site for 18 months in order to save money.   

Laura, a project manager in forensics, revealed the family have already ‘put a lot of effort’ into the building given it was originally intended to store horses and has been completely empty for 10 years.

Having been used as a coach-house for other people’s caravans for the past decade, the building was in poor condition at the start of the project, with rotten timbers and mismatched brickwork. 

But it was ripe for renovation, with Adrian and Laura seeing it’s potential and pipping a developer to the post to buy it for £284,000. 

KITCHEN BEOFRE: The couple appear on the Channel 4 programme tonight as they reveal their hopes to transform the 900 sq ft property with a budget of just £350,000. Above, one of the derelict rooms with crumbling and uneven floors before

KITCHEN BEOFRE: The couple appear on the Channel 4 programme tonight as they reveal their hopes to transform the 900 sq ft property with a budget of just £350,000. Above, one of the derelict rooms with crumbling and uneven floors before

KITCHEN AFTER: Features including the exposed brick walls and wooden beams add a touch of character to the space, which is otherwise kitted out as a modern home perfect for family living

KITCHEN AFTER: Features including the exposed brick walls and wooden beams add a touch of character to the space, which is otherwise kitted out as a modern home perfect for family living

Laura and Adrian end up living in a caravan on the building site for three years in order to get the project finished - but they insist it has all been worth it

Laura and Adrian end up living in a caravan on the building site for three years in order to get the project finished – but they insist it has all been worth it 

The ground floor had two large spaces, with two small rooms squashed into the middle. Meanwhile upstairs is a wide open space.

Laura and Adrian planned to build a modern timber frame inside the old brick shell, allowing them to configure the space exactly to their needs. They also wanted to build a self-contained two bed annex connected to the main house, where Adrian’s parents Andrew and Elinor will live.

Andrew says: ‘It was one Saturday morning they came up and they bought pictures of this place they’d looked at. 

‘In the past, we considered a wild pipe dream of building  something as a family. They said, “If you sold your house and we sold ours and we steal your pension, we could do this”.’

Meanwhile Elinor jokes: ‘They said can we have your money basically.’

Understandably, the couple have high expectations, Elinor tells George: ‘I’m not compromising on kitchens and bathrooms.’

Meanwhile Andrew, who uses a mobility scooter, says the property will need to be on one level. 

The family carefully stockpiled everything from the demolition of the barn, including over 70,000 bricks, to save money.   

With planning permission finally granted, and the family aimed to get everyone in in 10 months, enlisting local contractors to help. 

They quickly spent £15,000 reinforcing the current foundations and pouring concrete into the building’s floor.    

HALLWAY AFTERWARDS: The stunning space is flooded with light, while Adrian's clever design and craftsmanship brings together contemporary elements with the traditional features of the barn (pictured, the hallway)

HALLWAY AFTERWARDS: The stunning space is flooded with light, while Adrian’s clever design and craftsmanship brings together contemporary elements with the traditional features of the barn (pictured, the hallway) 

However it was not long before they feel their budget dwindling, with Adrian confessing he had to let go of his local builders.

He says: ‘It’s a shame I haven’t got another £50,000 to let the guys crack on. Not at the rate they’re on. The problem was never going to be getting someone to build it, it was going to be me doing as much as I can to get my hands on.’

Meanwhile Laura confesses: ‘We’ve been here so long, it’s like what’s another few months to get it right.’

Two months later, winter arrives in Tamworth and living in a caravan begins to take it’s toll on the family.

Elinor says: ‘Caravan is getting a bit tired now, it’s looking a bit worn. It’d be nice to have space.’

Meanwhile Andrew adds: ‘Things  are going reasonably well, but things are looking a little bit tight. Adrian has been busy – it’s a compromise between how much time he’s at work and being justified to get others in on the budget.’

MASTER BEDROOM AFTERWARDS: The couple build timber beams into the property, creating a stunning barn style master bedroom. The luxurious space is a welcome change after months living in a caravan

MASTER BEDROOM AFTERWARDS: The couple build timber beams into the property, creating a stunning barn style master bedroom. The luxurious space is a welcome change after months living in a caravan

With the budget and schedule slipping, Adrian is doing more and more of the work himself.  

Andrew jokes: ‘Time is a big problem,  we said it would be finished by Christmas…but we didn’t specify which Christmas that would be.’

By February 2020, Laura is also feeling the strain of caravan life – having lived in one for over two years.

She says: ‘It is hard work. these past few months, we’ve really struggled with the weather. It’s the mud more than anything.’

Meanwhile the mother-of-two admits she feels the burden of building a home for her in-laws as well as her own dream property, saying: ‘I’m really lucky, we got on really well anyway but we’re feeling a huge sense of responsibility towards them. Basically they’ve invested everything they’ve got in us and the vision we had.’

She continues: ‘I’ve known Adrian since I was about eight and we’ve been together for 17 years. We lost Adrian’s brother a few years ago and it makes you re-evaluate things and you realise how important it is to have family around you. It puts a different perspective on life. This has bought us closer together for sure.’

One month later, the family were knocked sideways as the pandemic shut the site down. 

The couple ended up spending £100,000 over their initial budget in order to complete the stunning family home for their children and in-laws. Pictured, the dining space leads on from the kitchen and has an industrial-style picnic table

The couple ended up spending £100,000 over their initial budget in order to complete the stunning family home for their children and in-laws. Pictured, the dining space leads on from the kitchen and has an industrial-style picnic table 

Elinor tells the camera: ‘We’re doing okay, it’d be nice to move in. We haven’t all fallen out completely but there’s  been some arguments.’  

Laura and Adrian struggled to get building supplies amid the pandemic, with Laura saying: ‘It’s reordered the schedule of things. Some of the busy jobs we’d been hoping would happen, just haven’t’ been able to.’

By July 2020, the building was finally watertight. But the budget was gone. ‘A family member has managed to lend us £50,000…but there’s only £4,000 of that left,’ Adrian says on the programme.

‘But there is another £10,000 that will get the build done…It’s my mother’s own secret stash that was going to pay for her kitchen just to get the house finished.’

George says there was a ‘massive challenge’ to get the family into the building within two months and admits he is concerned about how much work there is still to be done. 

Meanwhile Laura and Adrian also create cosy single bedrooms for their two sons, which are joined together with a mezzanine for the children to play on (pictured)

Meanwhile Laura and Adrian also create cosy single bedrooms for their two sons, which are joined together with a mezzanine for the children to play on (pictured) 

However two months later, the couple unveiled their stunning contemporary home which oozes charm and character. 

The living space blends modern style with traditional features, keeping the building’s style alive.

Upstairs, the space is divided to give the children their own mirror image bedrooms with a mezzanine between the two.

Meanwhile the gorgeous master bedroom acts as the perfect upgrade from caravan living.

And downstairs, the adjourning annex for Adrian’s parents is an elegant new-build structure connected to the main house with a glazed walkway.

The couple confess the three year long build has been ‘more than worth it’, with Adrian saying: ‘I think we’re going to be around £450,000 build cost. I’ve done it for a reason, I’ve done it for the family. That’s what it’s about.’ 

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Dusty Hill, bassist for rock band ZZ Top, dies aged 72

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Dusty Hill, bassist for rock band ZZ Top, has died at the age of 72.

Hill, who had recently suffered a hip injury, died in his sleep, as confirmed by a statement on Instagram from band-mates Billy Gibbons and Frank Beard.

“We are saddened by the news today that our Compadre, Dusty Hill, has passed away in his sleep at home in Houston, TX,” it read. “We, along with legions of ZZ Top fans around the world, will miss your steadfast presence, your good nature and enduring commitment to providing that monumental bottom to the ‘Top’. We will forever be connected to that ‘Blues Shuffle in C.’ You will be missed greatly, amigo.”

His recent injury had meant that Hill was forced to miss performances as part of the band’s summer tour. There have been no further details on cause of death.

ZZ Top’s first single was released in 1969 after the demise of Moving Sidewalks, the band that Gibbons had previously formed. Their first concert, with Hill included, was in 1970 and the year after their first album was released.

The band would go on to find fame with 15 albums and were best known for hits including 1983’s Gimme All Your Lovin’ and 1984’s Legs. In 1984, Hill also accidentally shot himself, something he remained lighthearted about years later.

“My first reaction was ‘s**t!’ and then ‘ouch!’ ” he said in a 2016 interview. “I couldn’t believe I’d done something so stupid. To this day, I don’t know how I could do it.”

As well as playing bass guitar, Hill also played keyboard and sung backing and lead vocals for the band. They were all inducted into the Rock and Roll Hall of Fame in 2004.

He made appearances in Back to the Future Part III and Deadwood and also played himself in King of the Hill.

“I don’t believe in regrets at all,” Hill also said in 2016. “What’s the point? There are things I’ve done that, if I had my time all over again, I would do differently – or not at all. But I am the sort of person who, once something’s done, just brushes it away and gets on with life.”

Tributes are coming in from the industry, including from Flea who referred to Hill as “a true rocker” and Go-Gos member Kathy Valentine who tweeted that Hill is “a Texas icon”. – Guardian

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