Q. I went under offer to a first time buyer in January and the sale went smoothly until last week when, two days before the date of exchange of contracts, my buyer insisted that I reduced my selling price by £10,000 or he would pull out. What can I do? I’ve already spent money on mortgage surveys and a HIP.

A. Welcome to the ugly world of Gazundering, the buyer’s market equivalent of Gazumping. Gazundering is the unethical act of leading a seller on in a depressed market until the point of exchange before hitting them with the hammer blow of having to make a significant price reduction or they will pull out. Although this odious practice is sadly not illegal, a recent study surprisingly revealed that 94% of the population would actually do it themselves in order to get a better price! Until gazundering is outlawed, I would offer the following advice:

• Act normally. A hostile response will further alienate your buyer. Encourage a face to face meeting where you can quiz them directly about their motives and perhaps persuade them to change their mind.

• If structural issues are cited as the reason for wanting a price reduction as is usually the case (when it is really commercial speculation), insist on expert evidence to substantiate such claims. If there are genuine issues, engage your own quotes to do the necessary work which may be significantly cheaper than your buyer’s inflated quotes.

• If it is possible, try to spread the financial load up the chain. It may be possible to get a like for like reduction from the vendors of the property you are buying which will negate your immediate financial issue and hopefully allow the transaction to proceed to completion.

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