Auctioneers are calling for a legally binding contract to wipe out 'gazumping'.

Gazumping occurs when someone promises to sell a property at a set price, before backing out of the deal once they have received a higher offer.

The Institute of Professional Auctioneers and Valuers (IPAV) says it has become a feature of the current market.

Estate agents are obliged by law to pass on all offers to the vendor, to whom they are contractually committed. The IPAV says this often sees a buyer gazumped at the last minute.

It wants to see the property that is the subject of the contract taken off the market at the sale agreed stage, once the sales contract is signed.

It says this practice is used successfully in other countries, including South Africa.

Pat Davitt from the IPAV says this will prevent hostility and frustration.