Gazanging is a term used in the UK to describe when a vendor pulls out of a property transaction and opts to stay put, having previously accepted an offer.
[3] The term "gazanging" was originally coined by online conveyancing service In-Deed,[4] following research among home buyers published in September 2011.
[5] In contrast to Scotland and the United States, the England and Wales property market's volatility stems from the fact that a seller's acceptance of the buyer's offer is not legally binding until contracts are exchanged.
This is a result of the Law of Property (Miscellaneous Provisions) Act 1989 s.2, requiring that a contract for the sale of land must be in writing.
Gazumping and gazundering are related phenomena, describing specific cases where either the seller raises the price, or the buyer lowers their offer.