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No Specific Plans To Address 'Gazumping'

Tuesday, 25 May 2021 at 15:22

There are no specific plans to address the issue of 'gazumping' within Jersey's housing market.

That's where someone makes a higher offer than someone who's already had an offer verbally accepted by the seller.

There is no legislation that offers protection against it.

Housing and Communities Minister Deputy Russell Labey says he appreciates this would have 'significant negative consequences' for those affected, but focus on a whole set of standards across the property sector would be more effective.

"However, this would be a new initiative that would need to be to be considered against other portfolio priorities."

Various recommendations on property transactions were made to the Chief Minister in 2018, which included a consultation into whether pre-sale agreements should become part of the standard transaction process.

Senator John Le Fondre said it wasn't necessary because pre-sale agreements can be used already - and are not used widely because it can make the transactions take longer.

Gazumping is also legal in England and Wales.

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