Gazumping has returned to the top end of London’s property market, estate agents say as the number of buyers starts to outstrip houses in some of the capital’s most sought-after areas.
Sealed bids, which estate agents use in periods of high demand to extract the best price from competing buyers, have also seen for the first time in 18 months.
Furthermore, the number of cash buyers has risen to unusually high levels, agents have reported.
One branch of Chesterton Humberts in central London said 17 out of 18 sales this year had been made in cash.
Knight Frank said 45% of sales over £5m in London were made in cash last month, compared with a third typically.
Financial Times 30/05/09 page 1
