Gazumping

Gazumping is the term given to the situation where a seller pulls out of a sale after accepting an offer that came in above the original asking price. The term is often incorrectly used by would-be buyers after they have made an offer on a property that is below the asking price. The original buyers have then been knocked out of the running when another higher offer has been received and accepted by the seller.

The moral of the story is to think about offering the asking price rather than going below it. While it is possible you might succeed in buying a property for a price lower than the amount originally wanted by the seller, it can backfire on you. Trying to save money on the purchase is logical, but it can lead to losing the property altogether.

Before contracts are exchanged by the buyer and seller, either or both parties can withdraw from the sale without financial penalty. This means there is a risk that the seller could receive a higher offer on their property from another party. Since every seller wants to get the best price they can, it makes sense they would withdraw and go with the other buyer’s offer instead. Even if a seller seems nice and happy to accept your offer, few would turn down a few thousand pounds more for their property if someone else with deeper pockets came along. If you have found the property of your dreams, dropping below the asking price is a risky proposition, for fear of being gazumped.

About the author:

The Mortgage Broker

The Mortgage Broker is an award-winning UK mortgage and protection specialist with decades of experience helping thousands of customers secure suitable and affordable mortgage solutions. Regulated by the Financial Conduct Authority, all advisers are minimum CeMAP-qualified and known for delivering clear, transparent, and expert guidance whether helping first-time buyers, home movers, remortgage clients or those with complex or adverse-credit needs. Recognised as a finalist at the Mortgage Strategy Awards 2025, The Mortgage Broker combines digital speed with human trust, offering access to over 130 lenders and more than 25,000 products. The company’s app, secure client portal and easy-to-use tools make it simple for customers to compare rates, track progress, and stay informed from start to finish. With more than 2,500 verified five-star Trustpilot reviews, clients consistently praise the firm’s professionalism, value for money, and personal service. Reviews highlight the team’s ability to explain complex mortgage and protection topics in plain English, providing support throughout the entire journey. The company’s reputation for knowledge, empathy, and reliability has made it one of the UK’s most trusted brokers, delivering advice that is honest, transparent, and tailored to each individual’s financial goals. Every part of The Mortgage Broker’s service reflects Google’s E-E-A-T principles: Experience, Expertise, Authoritativeness, and Trustworthiness. Its team has decades of hands-on industry knowledge, proven technical expertise, and national recognition supported by awards, media features, and verified customer feedback. As an FCA-regulated firm with a 5-star reputation, The Mortgage Broker stands for no-nonsense advice, common-sense lending, and exceptional customer outcomes — setting the standard for trusted mortgage advice across the UK.