ENORMOUS pressure on housing stock has brought a return of gazumping.

It has become the prime worry of those buying around London, and what happens in the capital has a ripple effect throughout the home counties.

More than 73 per cent of first-time buyers believe that once an offer has been accepted on a property it should be made legally binding, according to a survey by property portal What House?

In March there were just 108,000 homes for sale across London, compared with 225,000 in 2003, contributing to the likelihood of gazumping. While the survey shows first-time buyers are still concerned about rising prices, with buy-to-let investors dominating the market, gazumping is the hot topic.

It’s not just Londoners who have strong opinions. None of the respondents from the North East agreed that a seller should be free to accept a higher offer, and about 80 per cent of those surveyed agreed that once an offer had been accepted it should be made legally binding.

Sarah Speight, editor of What House?, said: "It’s no surprise that feelings regarding gazumping are strong. Last month just 12.3 per cent of properties bought in the UK were bought by first-time buyers.

"From the results of our survey it would be fair to assume that London’s first-time buyers are feeling the affects of gazumping the most. We know that 45 per cent of new-build properties in London are being bought by buy-to-let investors, and estate agents say that between 80 and 100 buyers are chasing each property in some areas.

"If first-time buyers are having difficulty entering the housing market because they are being gazumped by investors or wealthier buyers, then as an industry, I think we really need to campaign to make gazumping illegal in this country."