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As a result, Rics has come up with its own set of market reforms to help address the downturn and help people who want to own a home.

To increase mortgage availability, Rics has called on the government to incentivise the issuance of new mortgage backed securities and covered bonds by allowing investors who buy them to enter into a repurchase arrangement with the Bank of England.

It would use the same repurchase system as the Special Liquidity Scheme but would require MBS or bonds to be sold in a public issue before being eligible for repurchase. Rics believes that a significant proportion of this funding be specifically allocated to first-time buyers.

The association has also put forward a proposal to stimulate first-time buyer activity in which the government would establish a tax-free savings account, supported by government contributions, to help first-time buyers save for a deposit, coupled with a short-term stamp duty holiday.

In a bid to prevent repossessions, it says the government should encourage residential social landlords to offer mortgage rescue schemes that would see them buying a share in a home that is being repossesses enabling the current occupiers to continue to live there.

New models for home ownership should also be put in place which would allow potential homebuyers to rent a property for an agreed period of three to five years with an option to buy at a pre-agreed price at the end of the rental period.

Rics also called on the government to bring back the 600,000 empty homes into use by reducing VAT on repair and maintenance and giving local authorities real power rather than ineffective empty dwelling management orders.

Rics director of external affairs Gillian Charlesworth said the market needs decisive government action on a range of fronts if it is to pull itself out of the doldrums.

"We know there is no silver bullet that will slay this monster but we need a joined-up, comprehensive approach to bring back confidence and to give the public clarity about what is available.

"While we wait for the government to act on all the necessary fronts, many home owners are trapped in a market offering little or no mobility without any prospect of good cheer in the Autumn."

Rics has written to the Chancellor and Housing Minister Caroline Flint to urge action on this range of measures.

The government is currently working on its own set of measures to help stimulate activity in the UK property market which are expected to be made public tomorrow.

The proposals are expected to allow councils to help families who cannot pay their mortgages by buying out some of the property and perhaps even offering mortgages.