The news is bleak – every business news slot on the radio, financial newspaper column or economics blog online is discussing whether or not the UK will face an impending recession. With the threat of a recession comes the increased risk of house repossession, which means the quick house sale market is set to boom.

Why will a recession spur on the quick house sale market? As unemployment rises, house prices drop and there is less spending on the high street, lenders are becoming increasingly wary about lending to clients with a poor credit history. The easy credit floodgates that kept the economy revved up for the past 15 years will be drastically closed. Already the Council of Mortgage Lenders has reported a fall in mortgages being granted in 2008. With fewer buyers on the market, those homeowners desperate to sell may have to increasingly turn to the quick house sale market.

Not only are personal loans and mortgages harder to obtain, after years of being oversold such financial products, credit card limits are being lowered too. Reports suggest that millions of us live on bad credit and debt – spending more every month than we earn. The high cost of housing has made this the norm for many homeowners. But as the credit taps are turned off, this will leave many high and dry, unable to stay financially afloat. A few missed mortgage payments as money becomes harder to find quickly exacerbates the risk of recession, which is why the quick house sale market could thrive.

More homeowners in a financial fix will be desperate for a fast house sale as their money problems escalate. But as buyers are predicted to be scarce on the open property market, the quick house sale market will be the fastest solution to their problems as properties transform from assets to financial bugbears. The fact that many homeowners are paying exorbitantly high mortgages for their properties while watching their value depreciate is a galling one. The quick house sale market may be a Godsend for those homeowners who simply can’t afford to take the risk of trying to ride out a recession.