According to the Council of Mortgage Lenders (CML), property repossessions and the number of mortgages falling into arrears are also likely to increase in 2008. The Council of Mortgage Lenders is predicting a 16 percent increase in the number of mortgages in arrears for more than three months, to 170, 000.

Also, the council expects the amount of repossession to increase by 50 percent to 45, 000 in 2008.

This is bad news if you want to sell your home, as this could result in the market being flooded with marked-down repossessed houses. These cheaper options could result in sellers having to drop their selling prices simply to get buyers to look at their property. But it is not all doom and gloom. For you can still sell your house before property prices plummet and you lose all your equity. Sell house fast company offers a guaranteed home selling solution that will have your house sale signed, sealed and your money in the bank- in only 7 to 10 working days.