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 A new poll has shown that one in five homeowners are haunted by the possibility of repossession.
Credit reference agency Equifax has revealed that as the slump in the UK market continues to hit homeowners in the pocket, their confidence and resilience appear to be further on the wane.
The research shows that two-fifths would rather voluntarily surrender their homes than explore other alternatives if mortgage repayments become too excessive.
Equifax external affairs director Neil Munroe said: "The credit crunch is taking its toll on homeowners.
"And it is particularly worrying that 38 per cent said they would voluntarily give up their home if they couldn't afford monthly repayments.
"This is a very drastic measure and really should only need to be taken as the very last resort."
The study also revealed that 72 per cent of homeowners would not consider participating in a sale and rent back scheme in order to stay in their properties if they were faced with repossession.
Mr Munroe added that the recent sharp decrease in transactions would eventually filter down to the high street, placing further strain on an already creaking economy.
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