Gazumping is costing homebuyers in England £290 million a year, new research from a personal finance website has claimed.

Fool.co.uk said that one in ten people experienced the phenomenon last year, with the price of being gazumped reaching £1,900 in wasted fees and surveys.

David Kuo, head of personal finance at Fool.co.uk, said: "It can take months of searching to find the ideal home and anything that dashes the dream can be emotionally draining, especially if it is the result of being gazumped.

"Finances can take a battering too. Consequently, it is important to minimise the chances of being gazumped, though it is not possible to eliminate the risk completely," he added.

As well as ensuring finances are in place and asking the seller to take the property off the market as soon as an offer has been accepted, the site suggested that taking out gazumping insurance could be a worthwhile investment.

The controversial homes information packs (Hips) scheme was introduced partly to help lessen gazumping, although the National Association of Estate Agents have express doubt that it will make a difference.