Family petitions for law change to end gazumping on Isle of Man

Gazumping is when sellers pull out of a deal in favour of other offers

A family who lost out on their "dream home" has called for buyers on the Isle of Man to be protected from being gazumped in the property market.

Richard Cassidy had an offer accepted on a home, only for the seller to pull out ten days before the exchange in favour of a cash buyer.

A petition calling for those who renege to pay the other party's legal costs has attracted 600 signatures.

The government's housing board has pledged to review the issue.

The petition is calling for a law change to make acceptance of offers legally-binding so those who pull out are liable to pay the other party's costs, and for property searches to be required before bids are made so buyers "don't have any surprises".

'Truly gazumped'

Mr Cassidy and his wife Nadine, who along with their four children are staying in temporary accommodation, are now searching for a new home after their bid for the six-bed Castletown property fell through.

He said the experience had left them "devastated" and "others should not have to endure not only financial losses, but the almost irreparable emotional damage on families".

"We got well and truly gazumped. It is not an isolated case, others on the Isle of Man are suffering the same," he added.

"To be brutally honest, we feel the onus has to lie with estate agents, and the advocates".

Arbory Castletown and Malew MHK Jason Moorhouse said it was "astounding to see" how gazumping could happen "so far into the process".

He said he was now looking into ways of "creating a level playing field", including a mechanism for compensation.

Chairman of the government's housing board, Chris Thomas, said buying was "expensive enough without this waste", and promised to look into the issue.