Surely it's time to sound the all clear for Britain's housing market?
In November, house prices rose for the seventh month in a row, according to the Nationwide. Values are now up 2.7% year-on-year. Home loan approvals rose again in October. And one housebuilder, Bellway, has even said that current sales are 10% ahead of last year.
So why are we still bearish? Because this isn't the whole story. In 2010 and beyond, prices could head right back down again. Here's why...
Four reasons why house prices are headed for long-term decline
Last week's upbeat housing news was seized upon by property bulls as a further sign that the market has bottomed. It comes on top of the most recent unemployment figures, which showed that in the three months to September, the country's dole queues shortened slightly.
Employment data is one of the most important indicators of what's likely to happen to property prices. So if British job losses really are levelling out, that could really bolster the market. But the opposite would be very bad news.
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