"Now that market conditions have changed in the face of economic uncertainty, the power dynamic seems to have shifted in favour of the buyer. Hence the rising interest in ‘gazundering’ as buyers have made a last-ditch offer for a lower price than originally agreed"
- Colby Short - GetAgent
The latest research by estate agent comparison site, GetAgent.co.uk, reveals that as cooling market conditions further strengthen a buyers' market, internet searches for ‘gazundering’ are beginning to climb.
GetAgent.co.uk analysed Google search terms around the subject of homeselling to see which has seen the biggest increase in search interest since the start of 2023 based on the ‘interest score’ attributed by Google.
An interest score represents interest relative to maximum search popularity for any given time and place. The score does not refer to the overall number of searches, but rather a term’s popularity. A score of 100 indicates maximum popularity.
The data shows that so far this year (Jan-Sep), the search term to have seen the biggest boost in popularity is ‘gazundering’, rising by 97% since January.
Gazundering refers to a buyer reducing their offer at a late stage of negotiations to try and pressure the seller into accepting less money. It becomes increasingly common when buyer demand is low, putting them in a position of strength. This makes it the opposite of gazumping which becomes more frequent when the market favours the seller.
The search term ‘best estate agent’ has become 17.4% more popular since the start of the year, a recognition from sellers that when market conditions are less than favourable, a good agent is essential for securing a quick sale and a good price.
The popularity of ‘property chain’ searches is up 8.5% as cooling market conditions mean chains are lengthening, causing anxiety for hopeful buyers and sellers alike. And these nerves are justified as recent research shows that the number of fall-throughs has increased by more than 10% in just one quarter.
Extended selling timelines have also resulted in the popularity of ‘conveyancing’ searches increasing by 1.9%, as buyers and sellers alike seek to better understand the most time-consuming part of the process.
While these search terms have seen upticks in popularity this year, there are some that have seen significant drops.
The popularity of ‘house valuation’ has dropped by -31.8% since January as economic turmoil has resulted in fewer sellers bringing their properties to the market.
Other terms to see a significant drop in popularity include ‘capital gains tax’ (-29.4%), ‘stamp duty’ (-16.9%), and ‘house price’ (-13.5%).
Co-founder and CEO of GetAgent.co.uk, Colby Short, commented: “It’s not so long ago that we saw an unprecedented rise in gazumping in the UK market, with desperate buyers swooping in to outbid each other at the last minute.
"But now that market conditions have changed in the face of economic uncertainty, the power dynamic seems to have shifted in favour of the buyer. Hence the rising interest in ‘gazundering’ as buyers have made a last-ditch offer for a lower price than originally agreed.
"It’s also fascinating to see such a large uptick in search interest for the ‘best’ estate agent. When conditions get tougher, we see sellers and buyers turn their attention to finding the best possible professional to help them navigate the journey and best protect their interests.
"It’s times like this when great agents are needed the most and, as such, they start making a name for themselves.”
