21st September 2011
Gazanging is a new word for an old problem of the property market: sellers simply changing their mind and pulling out of a sale at the last minute. This might be due to market uncertainty, concerns about finances or lack of a suitable home to move to.
Online conveyancing firm In-Deed estimates that about 54,000 buyers were gazanged in the first six months of this year – up 20% compared with the second half of 2010.
In-Deed's survey of 1,001 people found that 12% of sellers who pulled out of deals cited "cold feet", while 28% blamed the fact they couldn't find a suitable property to move to for reneging on a sale.
Harry Hill, founder of In-Deed, says: "There has always been a minority of sellers who pull out of a deal at the last minute, but the uncertain market and poor consumer confidence have vastly exacerbated this problem, with an increasing number of sellers getting cold feet."