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Examples
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The website, which has coined the term gazanging, said the incidence of sellers pulling out had risen by 20% over the first half of last year and was now more likely to affect buyers than gazumping – an unwelcome feature of the last property boom when sellers accepted an offer, only to renege on it for a higher offer from another buyer.
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House sellers are withdrawing their properties at the last minute in increasing numbers in a new phenomenon dubbed "gazanging".
Telegraph.co.uk - Telegraph online, Daily Telegraph and Sunday Telegraph 2011
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House sellers are withdrawing their properties at the last minute in increasing numbers in a new phenomenon dubbed "gazanging".
Telegraph.co.uk - Telegraph online, Daily Telegraph and Sunday Telegraph 2011
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After gazumping and gazundering, the property market has identified a new danger for would-be homeowners: gazanging.
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Gazanging: coined by In-Deed, gazanging is when sellers change their minds and drop out of the sale at the last minute, often due to market uncertainty or a lack of a suitable home to move to.
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This suggests gazanging could rise if the number and range of property coming on to the market does not improve.
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The rise of gazanging is being fuelled by a shortage of housing, caused by falling transactions and the lowest number of new homes being built in England since the 1920s.
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Sales fell through at the last minute for more than 54,000 homebuyers in the first half of 2011 due to gazanging, according to In-Deed.
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Uncertainty about the property market and an under-supply of suitable homes are the biggest drivers of gazanging, according to the website, with 12% of sellers who opted to stay put in the first half of 2011 blaming "cold feet" and 28% claiming they could not find a suitable home.
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There are lots of reasons why gazanging has started to happen.
Telegraph.co.uk - Telegraph online, Daily Telegraph and Sunday Telegraph 2011
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