New homebuyers are finding the money they spend on property surveys, searchers and legal fees is often wasted when they are gazumped by other property buyers, it has been claimed.
According to Fool.co.uk, home buyers are collectively spending £290 million each year on such fees only to be beaten to a property by another buyer with a higher offer as the market becomes increasingly competitive.
A survey of homebuyers conducted by the site found that 73 per cent of respondents feel that gazumping ought to be made illegal, although 22 per cent would consider taking this step in order to secure a property.
David Kuo, head of personal finance at Fool.co.uk, said: "It can take months of searching to find the ideal home and anything that dashes the dream can be emotionally draining, especially if it is the result of being gazumped."
Evidently the practice can also be financially draining, he said, advising buyers to reduce their chances of being gazumped as best they can.
Nationwide recently reported that the average price for a property in the UK rose to £183,898 last month.
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