I'd be furious too, that is absolutely bonkers. eBay spent a long time drumming into buyers that they considered the final bid price to be binding etc., and now allow buyers to win auctions and then cancel, which is crazy -  it just encourages them to place a £500 bid on an item that's got a highest bid of £100,  and then change their mind when they win it for £300. 

I recently saw a piece of jewellery sell for £346 final bid price, then get relisted same evening and this time round it went for £127. I think that original bidders get put off so don't bid again.

What happened to sanctioning buyers for pulling out in the form of a non-payment strike? Surely they can play this as a game should they be that way inclined and just auction wreck.