UK can stop gazundering by following Swedish system

Buying a property in Sweden will sound like the stuff of dreams to those navigating the UK’s knotty housing market.

Surveys done before the property is even listed, qualified estate agents who have to keep “doctor’s notes” on the sales process and no legal fees.

For sellers, too, the abundance of information supplied upfront, the lack of third-parties involved and the speedier road to completion mean “gazundering” – when a buyer makes a late lower offer – does not happen in Sweden.

In the UK, however, one in three home sellers have endured the controversial practice, according to property consultant House Buyer Bureau.

“I’d be a nervous wreck selling in the UK,” says Johan Linde, head of analysis at Croisette – a Swedish estate agent and overseas partner of Knight Frank. “The overthinking window buyers are given in the UK gives them time to renegotiate. Who wants that?” In Sweden, Mr

Linde said buyers and sellers are “in much safer hands” which is a big part of why he simply does not experience many – if any – dropouts from buyers as a result of gazundering.

Estate agents need a two-year university qualification to sell properties in Sweden. They also have to be insured and must log each step of the sales process to prove they have complied with selling regulations. Mr Linde said: “You have to write a journal afterwards to log the process – like a doctor.”

In England, estate agents do not need any professional qualifications. There’s no need for a licence and you don’t need any training or need to pass checks.

As a result, the English house-buying system relies on a host of third-parties.

The more time buyers are given to think about their purchase, the more likely they are to try to throw in a late lower offer. One thing buyers in Britain are lumbered with is having to pay for a surveyor to check a property after they put in an offer on it. But in Sweden, it is on the estate agent to check the technical standards of the property, such as the electrics, the roof condition and any potential upcoming renovation needed over the next 10 years.

The agent must tell potential buyers of this in writing and, if a buyer neglects it, then they forfeit their rights to claim defects against the seller afterwards.

On costly conveyancing costs, in Sweden lawyers are not involved. The agent will handle everything – including the transaction at the very end. But the real clincher is this: if you want to buy a property in Sweden, you have just one week after agreeing terms to put down a 10pc non-refundable deposit.

In England, organisations which oversee the house buying process have tried to change it for the better – but it will take time for cultures to shift. Ruby Hinchliffe