I am sure this question was also on the minds of the Monetary Policy Committee when its members met last week.
I’m starting to see positive signs, although of course there is a lag in house price statistics as today’s completions relate to prices agreed a few months ago.
I know I will be criticised for predicting a false dawn but that also happened when I warned of problems in the market before the credit crunch, when I was seeing an increase in mortgage litigation cases.
So what’s making me positive now? First, estate agents are reporting a higher number of enquiries.
And second, I have seen a significant increase in brokers putting case enquiries through Mortgage Promotions’ free e-mortgagedesk.
This means increased enquiries in estate agents’ branches are feeding through to brokers’ offices. Now all we need is for lenders to start lending again.
Of course, as someone once said, the problem is that you don’t see the bottom of the market through the windscreen – you see it in the rear view mirror.