The tightening up of the mortgage market has not just resulted in many thousands of Britons unable to secure a mortgage, it has also resulted in a huge loss of jobs for people working in that sector.

From removal men to mortgage brokers to solicitors, anyone in a job associated with house sales will be feeling the pressure right now.

A few weeks ago one the country's major construction companies which specialises in building new residential property announced that they were cutting thousands of jobs and putting new projects on hold.

This week HSBC has announced that it is cutting jobs from its offices in Chesepeake, an office which deals with mortgages for the 'worlds local bank'.

Across the country, workers are being targeted as there is simply not enough business to keep the housing market afloat.

With the housing market having previously been so profitable, there will be many casualties.

Prime Minister Gordon Brown mentioned recently that he does not think that the country is heading for a recession as employment is still high.

With the amount of jobs now being cut from the housing industry, an industry which spreads far and wide and employs millions, he may wish to reconsider this statement.

The many thousands made redundant as their company struggles to cope with lack of clients will struggle to find another job in their chosen profession as no one is taking on new staff in the housing industry.

So where will these people turn to? Already high street shops are noticing falling sales on larger purchases, soon this may spill over into smaller purchases too, as people refrain from using their credit cards.

So the retired housing market workers will not find jobs in retail. In fact jobs may be lost from retail as well.