Gazundering was common in the recession in the early 1990s and entails undercutting offers to sellers as house sales are about to complete.
Doug Sleaper, regional director of London-based Regent’s Estate Agents, says that whereas gazundering was born out of desperation in the 1990s, now it’s a case of opportunism.
He says: “Buyers are trying to take advantage of what they perceive to be leverage in a buyer’s market.”
Mike Fitzgerald, sales director at Brentchase Financial Services, warns that gazundering could have a knock-on effect on property chains.
He says: “It can be dangerous because if sellers are forced to lower their prices they may not be able to secure mortgages for their next purchase.”