£2m over asking to £50k under: why the housing market’s gone mad

27 August 2023

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.

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