Google searches indicate a significant 97% increase in searches for ‘gazundering’ this year, according to recent findings.
New research has revealed that the term “gazundering” has seen an increase in Google search activity.
GetAgent.co.uk has conducted an analysis of Google search terms related to the topic of home selling to determine which term has witnessed the most significant surge in search interest since the beginning of 2023. This analysis is based on Google’s “interest score,” which reflects the relative popularity of a term compared to the peak search popularity for a given time and place. It’s important to note that the interest score doesn’t measure the total number of searches but rather the term’s popularity. A score of 100 indicates the highest level of popularity.
The data reveals that during the period from January to September this year, the search term that has experienced the most remarkable upswing in popularity is “gazundering,” showing a remarkable increase of 97% since January.
Gazundering, in this context, refers to a practice where homebuyers negotiate to lower the agreed-upon sale price just before the exchange of the property, often citing issues identified in a survey, such as dampness, roof problems, or electrical concerns. This practice can result in sellers accepting a considerably lower price for their property, and it has become a relatively common occurrence in real estate transactions, with some reports indicating that it happens in as many as one out of every two property transactions.
The demand for searches related to “property chain” has risen by 8.5% due to a cooling real estate market that has led to the elongation of property chains, causing concern among prospective buyers and sellers. This growing unease is entirely justified, given recent research indicating that the number of property transactions falling through has surged by more than 10% in just one quarter.
The prolonged selling timelines have also contributed to a 1.9% increase in searches for “conveyancing” as both buyers and sellers aim to gain a better understanding of this particularly time-consuming aspect of the home buying and selling process.
However, not all search terms have experienced an increase in popularity this year. Specifically, the search term “house valuation” has witnessed a substantial decline of -31.8% since January. This decrease can be attributed to economic instability, which has led to fewer sellers listing their properties on 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 really start making a name for themselves.”
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