In America, talk is thick with rumours of recession. Already, the Financial Times reports that leading US firms are shifting into recession mode – getting ready to cut costs, cull staff and reduce spending in readiness of the economic slowdown. Recession has never been so imminent following the sub prime housing crash where many homeowners were unable to stop house repossession or sell property fast enough.

So is recession likely to cross the Atlantic? Some economists believe we are simply a few steps behind the States, and some property developers and investors have already opted to sell property fast rather than waiting for the situation to get worse. The fear is that if homeowners don’t sell property fast, they could lose huge amounts of money as prices plummet. The faster the sale, the more profit they are likely to hang on to if there is a recession in the UK.

The International Monetary Fund has increased the prospect that recession is likely by warning that no country is immune from the ‘global slowdown’. Experts and financial regulators on both sides of the Atlantic have offered the most pessimistic and gloomy views of the economy in over a decade. The quick house sale market in the UK is set to boom as more homeowners take on board the very real risk they could be about to struggle through a recession.

Surviving a recession

Consumer confidence and house prices are two key indicators for the health of an economy – both have taken a beating as many are eager to sell property fast to stop their assets becoming liabilities. If you’re concerned you should:

• Top up your savings and emergency cash – ideally six month’s take home pay should be stashed away
• Six months is the minimum as even the best insurance policies don’t kick in till you’ve been off work for up to six months
• Check you have payment protection insurance or mortgage protection insurance for loans and credit cars
• Make sure you have insurance in place to cover your mortgage if you are made redundant
• If you can afford it, opt for full income insurance

If you simply can’t afford to take these steps, or don’t have any savings you may have to looking into the quick house sale market and consider the option of selling property fast if you want to stay afloat.