A man who lost his new home just over 10 days before he was meant to move in has called for new rules on gazumping.

Richard Cassidy was ’gazumped’ out of his property, meaning someone else made a higher offer for the house and was successful in acquiring the property, despite Mr Cassidy having already put in an offer at the asking price, paid deposits for work to be done and measured the property for carpets and furniture.

This has left him and his family ’homeless’ and living in temporary accommodation.

The frontline clinician for the ambulance service is part of a family of four who were all ’super excited and happy’ to be moving into the six-bedroom seafront property in Castletown.

Mr Cassidy set up a petition, which has reached more than 1,000 signatures to date, and calls for a change to property laws.

The proposal details that when an offer has been made it should become a legally-binding contract between the buyer and seller, plus if either party of a sale decides to retract from the process they shall become fiscally responsible for legal costs the other party incurred at the point of retraction.

The seller must also provide a survey for the property being sold, which should be no more than 90 days old at the time of the offer being made by a buyer.

Mr Cassidy said: ’We were asked by the vendor to move fast, due to time pressures on their purchase of a new house, so to proceed as quickly as was feasibly possible. ’All was going great. We got our mortgage approval, survey passed with flying colours and searches were progressing on time.

’The vendor allowed us access on several occasions to the property to have carpets and furniture measured up and we paid deposits for work to be done - we were all very much super excited and super happy, the kids had even chosen their rooms and paint colour.

’It all changed horribly. With just over 10 days to go before completion, we received a call from our estate agent Cowley Groves to inform us that the vendor had pulled out of the sale, after being approached direct by another agent, Harmony Homes, with a cash-buyer.

’At the 11th hour we were quite simply and royally "gazumped".

’Our hopes and dreams were dashed.’

He added: ’Our kids were devastated, we were devastated.

’Our house was packed, half our property was already in storage ready for the move, so we did the only honourable thing we could and we completed on the sale of our house. [We are] officially homeless, having lost a lot of money, with limited properties on the market within the location we need, or our price range for a family of six, and all just before Christmas.

’We count ourselves lucky to have enough savings to weather this storm and afford a roof over our heads, even if it is an AirBnB.’

Chris Thomas MHK, chair of the housing and communities board, said: ’Being gazumped is costly and can be incredibly disruptive to the lives of those affected and wider society as it damages perceptions of the housing market. Likewise with those who are gazundered [where an offer made to the seller is lowered at the last minute] or gazanged [where the seller opts out of the sale after accepting an offer].

’A change in the law might be necessary.

’Initially though I think a review of market practice and guidance is urgently required.

’The petitioner has provided some statistics, but there are no official ones although a survey could be undertaken to establish what is going on. Gazumping comes to the fore when property prices rise, as they have been doing recently.’