In not-so-classical house price terms, it is a sustained rise in prices – noticeable largely by its absence throughout the last three or four years.
Not so long ago, reading the runes of the housing and mortgage market resulted unanimously in pessimism and a strong drink for those of us foolhardy enough to try.
Yet, recent property-market data have been mixed.
The Royal Institution of Chartered Surveyors recently said that its house price gauge rose to the highest level in nine months in April.
Pockets of the UK are seemingly undergoing a nascent recovery in terms of property values, but as importantly lenders are voting with their products.
Several now offer 90% LTV and the kind of fixed rate deals that are as good a sign as any that the fear of further property devaluation is recedes.
This is welcome news for first-time buyers keen to escape record breaking rents.
It is by no means a clear picture with consumer sentiment still subdued and households under pressure from the government’s fiscal squeeze and inflation that’s twice the central bank’s 2% target.
Nevertheless, we are entering a crucial period for any type of recovery in property.
Momentum may still absent, but we have lift off.
Robin Johnson is managing director of Kinleigh, Folkard and Hayward
