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Yorkshire Bank finds first-timers prepared to 'gazunder'

15 February 2005
A survey by Yorkshire Bank has found that up to a third of those buying their first home may 'gazunder', cutting their offer at the last minute.

The Housebuyers Survey conducted by the bank amongst 2000 people found that 31 per cent of those questioned would consider gazundering.

The action can be disastrous for the seller, who can be forced to take less than the agreed price or find a new buyer.

Gary Lumby from Yorkshire Bank called the number of potential gazunderers a "worrying proportion," BBC News Online reports.

Mr Lumby attributed the high proportion to a new-found confidence in a slowing housing market.

The survey expects more and more first-time buyers to enter the market in 2005, tempted by steadying house prices and interest rates remaining the same or even coming down.

More than 40 per cent of the survey's respondents believe that now is the best time to get on the property ladder in years and 36 per cent feel confident enough in the market to risk offering less than the asking price.

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