One of the most memorable moments of their U.K. house-buying experience, for many American expats, is when someone explains to them what the word “gazumping” means.
“Gazumping,” a word which doesn’t exist on the other side of the pond, refers to when the seller of a UK property unexpectedly accepts another, higher offer, typically just as contracts are about to be exchanged.
The term came into widespread use in the UK over the last two decades of the last century, when house prices in London were rising steadily, at times quite fast.
A related word, and one that also isn’t found in an American English dictionary, is “gazunder”, which is when a buyer reduces the amount that they are willing to pay for a property.
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