s ▁out ▁of ▁a ▁property ▁transaction ▁and ▁opts ▁to ▁stay ▁put , ▁having ▁previously ▁accepted ▁an ▁offer . ▁▁ ▁Fre qu ently , ▁this ▁occurs ▁due ▁to ▁a ▁change ▁in ▁circumstances , ▁such ▁that ▁the ▁s eller ▁no ▁longer ▁wishes ▁to ▁move , ▁or ▁are ▁unable ▁to . ▁It ▁has ▁also ▁been ▁linked ▁to ▁a ▁slow down ▁in ▁housing ▁market ▁activity , ▁which ▁leads ▁to ▁an ▁under - supp ly ▁of ▁property , ▁giving ▁the ▁vendor ▁less ▁choice ▁of ▁properties ▁to ▁move ▁to . ▁The ▁original ▁bu yer ▁is ▁left ▁' h anging '; ▁hence ▁the ▁word ▁gaz anging , ▁intended ▁to ▁echo ▁the ▁common place ▁term ▁gaz ump ing . ▁ ▁The ▁term ▁" g az anging " ▁was ▁originally ▁co ined ▁by ▁online ▁convey ancing ▁service ▁In - De ed , ▁ ▁following ▁research ▁among ▁home ▁buy ers ▁published ▁in ▁September ▁ 2 0 1 1 . ▁ ▁Following ▁the ▁late - 2 0 0 0 s ▁financial ▁crisis , ▁the ▁British ▁resident ial ▁property ▁market ▁became ▁increasing ly ▁uncertain . ▁In ▁contrast ▁to ▁Scotland ▁and ▁the ▁United ▁States , ▁the ▁England ▁and ▁Wales ▁property ▁market ' s ▁vol at ility ▁st ems ▁from ▁the ▁fact ▁that ▁a ▁s eller ' s ▁accept ance ▁of ▁the ▁bu yer ' s ▁offer ▁is ▁not ▁leg ally ▁binding ▁until ▁contract s ▁are ▁ex changed . ▁This ▁is ▁a ▁result ▁of ▁the ▁Law ▁of ▁Property ▁( M is cell aneous ▁Pro vis ions ) ▁Act ▁ 1 9 8 9 ▁s . 2 ,