Gazumping could be banned as part of Government plans to make buying and selling a home "cheaper, faster and less stressful".
Communities Secretary Sajid Javid has called for evidence from mortgage lenders, solicitors and estate agents as ministers consider proposals aimed at streamlining the process of buying a property.
Although around one million homes are bought and sold in England every year, a quarter of sales fall through.
About time too. The system of buying and selling houses in this country is ridiculous and always has been. Once an offer has been made ( Subject to survey.) and accepted by the seller it should be legally binding. Whole chains of sellers and buyers are inconvenienced and sometimes put to enormous expense because greedy people get a better offer at the last minute.
When I was selling a house once, on the day the contracts were due to be exchanged the buyer rang me and said he couldn't afford to buy unless I dropped the price. I'd already agreed to buy another house and was left with no choice but to agree to the new offer and lose money or lose the chance to buy the home I wanted.
This whole businesses should have been sorted years ago.