A new survey involving 1,183 people who have bought a property in England and Wales since 2014 reveals that 37% have been gazumped at some stage.
Research carried out by Market Financial Solutions (MFS) reveals that 59% of the group had been gazumped, at least in part, due to long waiting times or delays in securing a mortgage.
An additional 58% of respondents said they had been gazumped on a property while waiting for a buyer for their own property.
As a whole, 54% of the people surveyed who have been gazumped cited long property chains as a “significant” factor.
Market Financial Solutions CEO, Paresh Raja, said: “Much is made about the root causes of gazumping, namely the fierce competition there is in the market due to an imbalance between supply and demand.
“But in looking for the cause, we often overlook the emotional and financial impact that gazumping can inflict.
“Throughout the purchasing journey, prospective buyers often develop a strong attachment to a property, making the sudden collapse of a deal particularly difficult to stomach."
Raja added: “Clearly, with lengthy property chains and mortgage delays cited as key factors behind people being gazumped, there are lessons for lenders, brokers and agents.”
“All parties must work together to reduce the risk of delays and ensure that buyers can secure finance at pace.
“In turn, this will help close the window of opportunity for gazumping tactics and minimise the emotional and financial impact on would-be buyers.”
The survey also highlighted some of the emotional and financial toll of being gazumped. 62% of people said they missed out on their dream home, while 61% felt they were forced to buy a property they liked less.
Additionally, 59% of buyers lost money they had invested in the property-buying process, such as legal fees and survey costs.
