£2m over asking to £50k under: why the housing market’s gone mad
27 August 2023
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The Daily Telegraph
To be gazumped is frustrating. To have it happen on the day of exchange is worse. But when you are gazumped by £2 million, you know you are facing a tricky property market.
That was the fate of a recent central London buyer, who offered more than £30 million for a home, arranged his mortgage, completed his surveys, and had contracts drawn up, before – on the day he was due to exchange – he was trumped by a rival bid. “We were ready to sign but it was a higher offer from a cash buyer, from the Middle East, who showed proof of funds,” says the man’s buying agent, who asked not to be named.