Gazumping could be banned by Govt to cut 'stress' of buying a house

The video discusses the challenges faced during property downsizing, including issues like gazumping, where sellers accept higher offers despite prior agreements. The government plans to address these issues through a major housing market consultation, aiming to make buying and selling homes easier. The consultation will explore digital solutions and pre-exchange agreements to build trust. However, some experts criticize the focus on demand-driven schemes like Help to Buy, suggesting investment in new homes instead. The housing minister is considering borrowing to fund new housing projects.

What financial challenges did the woman face during her house sale and purchase?

• Her buyer increased the offer by £15,000.

• Her seller decreased the offer by £20,000.

• Her buyer cut his offer by £15,000 and her seller asked for £20,000 more.

• Her buyer and seller both agreed to the original price.

What is Gazumping in the context of house buying?

• A seller decreasing their offer after agreeing on a price.

• A buyer withdrawing their offer after agreeing on a price.

• A seller accepting a higher offer after agreeing on a price.

• A buyer increasing their offer after agreeing on a price.

What is one of the government's proposed solutions to improve the house buying process?

• Introducing pre-exchange lock-in agreements.

• Eliminating digital solutions.

• Increasing taxes on house sales.

• Reducing the number of estate agents.

What is the critique of the government's focus in the housing market?

• Focusing on building new homes.

• Focusing on demand-driven policies like Help to Buy.

• Focusing on reducing house prices.

• Focusing on increasing taxes.

What does the housing minister suggest to address the housing crisis?

• Reducing the number of new homes built.

• Focusing solely on Help to Buy schemes.

• Borrowing money to invest in new homes.

• Increasing taxes on existing homes.