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Lending needs to be kick-started again in order to provide a boost for the property market, it has been noted, which may mean that those looking at getting a loan could find that banks are more willing to provide one.

This lack of funding is a particular problem for first-time buyers, says Helen Adams, managing director at FirstRungNow.com, although it could be said homeowners wanting to get a loan may be unwilling to do so if they believe that the banks are not keen.

"We've seen recently the mortgage companies incentivise savers to get more money into their coffers and that will in turn, in time, lead to mortgages being made more available," Ms Adams states.

But people may want to make home improvements rather than move house, after Hometrack found that property prices have fallen by 1.3 per cent during October 2008.

Whether it is an extension, new kitchen or even a bigger car to park on the drive, homeowners may wish to look into secured loans to cover such ventures, although they may want to be aware that the lender could be given security in the form of a property.