Research from Market Financial Solutions found that property buyers in the capital were three times more likely lose out on a property purchase to a rival buyer than the rest of the UK.
Londoners are the most ruthless property buyers in the country, according to research by Market Financial Solutions.
The bridging finance provider surveyed 2,000 adults in the UK and found that property buyers in the capital were three times more likely lose out on a property purchase to a rival buyer than the rest of the UK.
This comes after Savills ranked London’s property market as the most competitive city in the world last year as average house prices in the capital reach more than twice the national average of £217,000.
The main reason for the unraveling of property deals at an advanced stage was thanks to an inability to access funds in time which 1.54 million UK adults admitting to have suffered from this problem.
The survey also revealed that 9% of Londoners have lost out on fees to intermediaries such as solicitors and surveyors because they were pipped to the post during a property purchase.
Paresh Raja, chief executive of Market Financial Solutions, said: “Not only are people losing out on the fees they pay to solicitors and surveyors, but many buyers are also losing out on their dream home.
“Our research also reveals that failure to access funds in a timely manner is one of the most common reasons for property purchases falling through.”
Millennials were found to be more at risk than older generations in terms of losing out on the property market as 1.18 million people aged between 18 and 34 admitting losing out on a deal after having an offer accepted.
However in contrast the data also showed how a growing number of this age demographic are willing to gazump as part of their property strategy in 2017.
Londoners were twice as likely to be dissuaded from buying a different property than the national average due to the competitive nature of the market.
Raja added: “The statistics show that as mortgage lenders implement greater regulation, getting finance promptly has become an increasingly pertinent challenge.
“This is one of the main reasons the bridging industry has significantly risen in popularity among property buyers and investors over recent years – in such a competitive industry, speed is everything and bridging provides a much-needed solution in this fast-paced market.”
