The property market reacts like any other when there is a demand that outstrips supply, it pushes prices up & this is what we are seeing now. People seem reluctant to place their house on the market, perhaps because they can't see anything themselves to tempt them into moving, it’s a 'catch 22' situation. I also believe that although interest rates are a record low, people are concerned about job security & worried about committing to a bigger mortgage. There is also still a perception that it's very difficult to get a mortgage with the effects of the credit crunch.

Regardless of market conditions, my advice has always been to market your own house first, before you start your search. Best prices are achieved when vendors are not putting themselves under time pressures to sell. If you find a house first, there is a very strong chance you will loose it to someone who has already sold their property.

With the advent of HIPs & legislation now requiring a pack to be fully prepared prior to a property being marketed, its taking some agents more than 7 days to launch a house to the market! Having a buyer on your own before you find, not only means you've achieved the best possible price on your own home but it's put you in an excellent bargaining position on your proposed purchase.

Although we are already seeing a rise in prices again this is still an excellent time to move up market as bridging the gap between sale & purchase may never be so affordable.