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Everyone can be protected against gazumping

Internet service OneMove has announced that it is now to widely offer an insurance policy to protect homebuyers against gazumping across England and Wales.The Home Buyers Expense Insurance (HBEI), which costs £69.99, provides cover against common problems that befall people when purchasing property. Customers can expect up to £1,500 of cover for expenses should the worst occur and a seller accept a higher offer although already having accepted a previous buyer's. Experts say the strength of the economy, buyer demand and housing shortfalls mean that gazumping remains a common occurrence, which can be costly, with money wasted on surveys and arrangement fees.Neil Patel, CEO of OneMove said: "The industry is certainly starting to take more notice of gazumping now, with the support of increased media coverage, but it has yet to move beyond talking about it and actually doing something to address it."HBEI was previously only available to OneMove customers who were already using the firm for conveyancing work. Mr Patel explained: "OneMove has listened to the market and to our customers and has decided to extend our insurance cover to all house buyers, in order to make the house buying process less stressful."

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