Gazundering in a buyer’s market
Research1 has found that, in 2023, there was a 97% increase in people googling the term ‘gazundering’ – when a homebuyer reduces their offer on a property at the last minute, often just before exchange of contracts. About a third of sellers were subjected to gazundering last year2, indicating the property market currently favours the buyer. Gazundering is less common in Scotland because, while it does still occur, Law Society of Scotland governs the activities of solicitors acting on behalf of property buyers.
Garden offices not going anywhere
Do you have a garden office? If so, you are not alone! Gazundering is not the only term that has been googled regularly, as searches for ‘garden offices’ are 22% higher than before the pandemic3. With hybrid working seemingly here to stay, the last decade has seen a significant rise in the number of properties listed as having an office in the garden.
Concerns over spike in longer mortgages
The latest Bank of England Financial Policy Summary4 has highlighted that many homeowners are still feeling the effects of higher interest rates. As a result, some households have extended the length of their mortgage deal, with the report citing there has been ‘a notable increase in the proportion of borrowers taking out mortgages with 35 year or above terms.’ The Financial Policy Committee has explained that, while this does offer short term relief, ‘it could result in higher debt burdens in the future.’
1GetAgent.co.uk, 2023
2House Buyer Bureau, 2023
3Legal & General, 2023
4Bank of England, 2023
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments
