MLC given leave to introduce bill to tackle gazumping and gazundering

Practices are 'annoying' for some and 'crippling' for others

An MLC hoping to outlaw the practices of gazumping and gazundering on the Island says they are 'annoying' for some and 'crippling' for others.

Gazumping is when a seller agrees a buyer's offer but later accepts a higher one before the exchange of legal contracts.

Gazundering is when a buyer lowers their offer at the last minute potentially threatening the sale.

Gary Clueit had hoped to gain leave to introduce a Private Member's Bill to try and combat the issues this week.

You can read more here.

But yesterday (30 June) his Legislative Council colleagues chose to adjourn the matter to the end of November instead.

MONETARY IMPACT

Mr Clueit started proceedings by highlighting figures from Rightmove which state that when a house sale collapses the average loss - in England and Wales at least - is around £2,400.

He told members that he'd rather we act now on a well understood problem than wait for a statistic that no one is collecting and highlighted one core group this can impact profoundly:

His LegCo colleagues had a range of questions for him, from detailed technical issues to how consultation will happen, and one member, Tanya August-Phillips, sought an adjournment to get some of those details hammered out:

"I DON'T INTEND TO RUSH THIS"

In the end Mr Clueit himself also supported the adjournment arguing that he doesn't care how it happens, he just wants to see the legislation come through:

He told colleagues he doesn't intend to rush the legislation through and stated he already has 12 separate consultations planned for it, engaging everyone from industry professionals to citizens and government departments.

Indeed, Mr Clueit said he is minded to bring the matter to Tynwald in October, perhaps via a motion, rather than via a general debate, so as to get a firm commitment from political members.