There are not only fewer buyers available in the housing market, it now is looking like there are fewer homes as well.  Buyers are facing more situations where a seller is pulling out at the last minute, often times because they cannot find adequate upgrade property to move into.  The same is said for those home sellers that are looking to downgrade, such as a retired couple that has had all their children move out to start their own families and are in search of a smaller property.  The occurrence of home sellers pulling out of deals at the last minute has risen by 20 per cent over the first half of 2011 according to the Web site In-Deed.

The In-Deed site, a legal property Web site, revealed that the trend of pulling out of a home sale at the last minute is likely to continue to occur.  They have come up with a term to describe the practice and have called it gazanging.  The site revealed that the most likely cause of a seller gazanging on a buyer is due to uncertainty in the market and the inability to find adequate housing to move to once they sold their home.  Of those opting to stay in their homes 12 per cent blamed fear or cold feet at moving and 28 per cent blamed the reason on lack of an adequate replacement home.

More homeowners are choosing to remain put until the market turns.  In lieu of looking for a different property many are opting for renovations and upgrades to features and their property.  Remortgages are providing the cash flow to undertake these projects and homeowners are in turn increasing their property value due to the renovations.  This will have benefits later on down the line when they do decide to enter the market and put their property up for sale.