Although the jury is still out over whether we are facing a full blown recession or simply a slowdown of the economy it is reported that more home owners are selling their properties because of fears that they won’t be able to cope with repayments.

This will lead to another increase in demand for rented accommodation due to people waiting to see what happens to the property market.

This week’s stock market falls have added to the woes of thousands of home owning people in the UK. It is estimated that 45,000 could face repossession this year as the effects of the credit crunch and the beginnings of a global recession take their toll.

A recent survey by National Homebuyers found that just under half those seeking its services (49%) are expecting the value of their homes to plummet.

“There has been a sea change in the property market in the last six months. Many homeowners are not able to meet their mortgage payments and are desperate for a solution,” said Julian King from National Homebuyers.

To assist families struggling to meet their mortgage commitments King says his company, which specialises in quick purchases or sell and rent back schemes, is launching a £250m rescue package.

“This safety net is available for those most at risk mortgage holders,” said King. “We believe we can support at least a thousand families who are struggling to make their payments before it is too late.

“There is talk of interest rate cuts on the horizon. But for many families it will be too little too late. They can’t afford to rely on the Bank of England’s policy makers to save them,” added King.

National Homebuyers reports it saw an unprecedented high-volume of enquiries in the summer with calls up 95 per cent during the height of the 5.75% interest rates.

“This year we’re on a mission to help people sell the home they can’t afford more easily and efficiently than ever before. We’re focused on removing as much stress from the process for them as possible,” said. King.