1 in 5 sellers still being gazundered

THE latest research by property purchasing specialist, House Buyer Bureau, has found that while cases of gazundering have fallen across the property market since the start of the year, 1 in 5 sellers are still being lowballed by their buyer having previously accepted a higher offer.

The survey of over 1,000 UK home sellers to have sold in the last 6 months, commissioned by House Buyer Bureau, found that 1 in 5 sellers have been gazundered when selling their home.

Gazundering is when a buyer submits a lower offer for the property they wish to purchase before the sale completes, having already had a higher offer previously accepted.

The good news is that while 1 in 5 may have been gazundered in cooler market conditions, this number has, at least, fallen. The same survey from House Buyer Bureau found that at the start of the year (February 2023), as many as 31% of home sellers had been gazundered.

Of those to have fallen foul of a lower offer in the last 6 months, 47% stated they were gazundered within 2 weeks before their completion date

73% of those who have recently been gazundered also stated they had no other choice but to accept the lower offer submitted by their buyers.

The main reason given for doing so was that they didn't want to jeopardise their onward purchase (32%), while many sellers also didn't want to waste time finding another buyer (24%); a task that is no longer as simple as it was during the heights of the Pandemic market boom.

The main reason given by gazundering buyers for submitting a lower offer was the fact that issues were found with the property during the survey stage of the transaction (36%), although as many as 22% also admitted to simply chancing their arm.

Of those sellers who didn't accept the lower offer submitted, 34% stated that the sale then went on to collapse, up from 21% in February of this year.

Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:- "It would appear that while the market is still underperforming, an air of growing stability has at least led to a reduced level of gazundering on the part of buyers. That said, 1 in 5 sellers are still being subject to a lower offer, many within 2 weeks of their intended completion data. With the ability to find a buyer in a proceedable position proving difficult at present, many sellers are left with little choice but to take the hit on asking price if they want to move and, for those who don't, there's a high chance their sale will collapse."

Let us know your thoughts on this news topic... Email our Newsroom at:- News24@SouthportReporter.Com or send us a message on:-  Mastodon, Facebook or Twitter.

From Dream to Reality - Liverpool charity reflect on emotional 10 year journey

A Liverpool charity has launched a film and commemorative brochure that details how its 10 year dream has become reality.  When Nelson Mandela passed away in December 2013, the public outcry at the loss of such a significant leader was overwhelming, and that is where the journey started for Mandela8 and the community of Liverpool 8.

On 6 December 2013; the day after the death of Nelson Mandela; an impromptu memorial at the Sunburst Gates of Princes Park in Toxteth was started by community activist, Joe Farrag. The next week, the Liverpool 8 community gathered for a vigil from the gates to the Kuumba Imani Centre for Mandela's funeral and commemorative event.

Dr Makaziwe Mandela and Tukwini Mandela in Princes Park ahead of work starting on the memorial

The Mandela Memorial Campaign Group was then established on social media, with the dream of creating a permanent memorial to Mandela, quickly amassing over 1500 followers who shared in the vision.

Over the next 10 years, the journey towards a permanent memorial took in a whole host of satellite projects under the Mandela8 banner. A 'Field of Hope' wildflower meadow in Princes Park; a permanent exhibition of sketches by Mandela, in St George's Hall; a book donation scheme across local Schools; and a young leaders programme are just some of the success stories that the charity has been at the helm of since 2013.

In addition, each year since 2019, Mandela8 have encouraged:- local residents to engage in acts of kindness for their neighbours and community on Mandela Day in July. The project; originally called:- 'My 67 Minutes' and now simply:- 'Mandela8 Acts of Kindness' has been embraced by Schools, community groups and even celebrities over the last 4 years.

Now in 2023, the memorial has been installed and those wanting to find out more about Mandela8's journey can now watch a documentary detailing the 10 year journey on YouTube. There is also a commemorative brochure that is available online and is being distributed across the area local to Princes Park.

Preparations for the Mandela Field of Hope wildflower meadow began in 2018.

Nelson Mandela's Daughter, Dr Makaziwe Mandela said:- "The Mandela8 Memorial to my Father Nelson Mandela is truly inspirational. Being involved in this journey, seeing the stones made and installed has been a very emotional experience for myself and my daughter, Tukwini. To think that all the way in Liverpool, what my dad stood for in life still resonates with a lot of people today. Sometimes I feel despondent about the 67 years my Dad spent fighting for human rights and social justice and the sacrifices he made, leaving us without a Father, Grandfather in our lives during that time. Then I came to Liverpool and saw how much people admire the work that my Dad did, and I remind myself the sacrifice was worth it. It is a real, emotional and significant gesture to continue to educate people and continue to seek harmony, love and peace in the world based on my father's values that are still relevant today."

Mandela8 Ambassador and founding member, Stephen Nze at the completed memorial

To find out more about Mandela8, please visit:- Mandela8.Org.UK.