More than a million homes are at risk of being able to stop house repossession some fear as the British economy limps on. And although we are being urged to reign in our spending, it could in fact be too late for some. The accumulation of debts – not least high mortgages and home loans – means many of us are already in above our heads. The quick house sale market however can stop house repossession in its tracks.

Those most at risk of being unable to stop house repossession unless they opt to sell their house fast on the quick house sale market are those who are spending more than they are earning. The phenomenon of relying on overdrafts and credit cards for day to day costs means these homeowners are particularly at risk to downturns in the economy. It’s estimated that one in ten adults are vulnerable – the equivalent of five million adults in the UK. This group has been dubbed the ‘spendemic’ generation as they live beyond their means and rely on debt and credit to plug the gap.

Additionally a further fifth of adults have no spare cash at the end of the month, leaving them vulnerable to unexpected downfalls. If for example, your car needs new wheels, your boiler breaks down, the kids need new school uniforms and you need to attend a big wedding – you have to find this extra cash from somewhere. For those who don’t have disposable income at the end of the month, debt is inevitable. As the economy falters, redundancy and house repossession rise. The first in line will be those juggling dangerous debt to stay afloat, with the risk they’ll be unable to stop house repossession. The quick house sale market could be the only way out.

As well as the risk of being unable to stop house repossession, such financial balancing acts mean more people are expected to fall into insolvency this year as the UK is in the grip of this ‘spendemic’. Many fear the situation will spiral out of control, leaving many homeowners with few options if they want to stay financially afloat or stop house repossession.