Part of Speech

Verb

Pronunciation

/ɡəˈzʌmp/

Definitions

• 1. To raise the price of something, especially in real estate, after an agreement has been made, usually by accepting a higher offer from another buyer.
• 2. To act unfairly by offering a higher price than previously agreed upon, typically in the context of negotiations or deals.

Usage Examples

• "The seller decided to gazump the original buyer after receiving a better offer."
• "They were upset when the house they were interested in was gazumped just before the deal was finalized."
• "In real estate, gazumping is an unethical practice that often leads to frustration for buyers."

Etymology

The term "gazump" originated in British English, thought to be a slang word from the early 20th century. It is believed to have derived from the Yiddish word "gazumph," meaning to cheat or deceive. The term became associated with the real estate market as a way of describing the act of increasing the price of a property after a verbal agreement has been made.

Synonyms

• Overbid
• Outbid
• Raise the price

Antonyms

• Honor the deal
• Stick to the price
• Maintain agreement

Translations

Regional Pronunciation Variations

The pronunciation of "gazump" remains largely consistent across English dialects, though regional accents may affect the intensity of the vowel sounds. In some regions, particularly in British English, the word is pronounced with a more distinct "z" sound, while in American English, it may sound slightly softer.

Historical Usage

Gazumping became a widely recognized term in the real estate market, particularly in the United Kingdom. The practice has long been regarded as unethical, and the term began appearing in legal discussions in the 1920s. It refers specifically to the act of reneging on a prior agreement due to a higher offer, a practice that often leaves the original buyer frustrated and sometimes legally vulnerable.

Cultural Nuances

Gazumping is a contentious practice in the real estate market, particularly in areas where demand outstrips supply. In the UK, it has gained negative connotations, often being associated with dishonesty. In contrast, in markets with high competition, gazumping might be seen as a strategic tactic, though still generally frowned upon.

More Information

The practice of gazumping has sparked debate over the ethics of property transactions. While it remains common in some markets, particularly in Britain, it is less common in countries with more regulated real estate systems. In many places, there is growing pressure to introduce laws that protect buyers from such tactics, though the legal landscape remains varied worldwide.