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.