House buyers in London are ‘gazundering’ sellers by demanding thousands off an agreed sale price just before an exchange is about to take place.
According to property experts this latest wave of gazundering, also called ‘price chipping’, is gathering pace as the housing market slowly begins to respond to the UK’s wider economic problems.
The market is showing the first signs of cooling amid rising interest rates and the cost of living squeeze. In August, London saw the first fall in house prices in 2022, with Rightmove recording a drop of £23,000 in its asking price data.
