Positive growth or house price bubble?

There might be some disparity between the myriad property price indicators - but they are at least in alignment on one issue: UK property prices are at last moving in an upwards direction.

Quite by how much depends on a number of factors, not least where you look and which statistics you believe.

Shortage of good saleable property is certainly one reason but this should not diminish the overall outlook which shows that after five or so years of prices falling or at least flatlining, a period of relative good health has begun.

Yet already there are concerns about the potetntial "damage" of rising house prices.

The Royal Institution of Chartered Surveyors recently warned about house price rises becoming unsustainable in some areas - although new Bank of England governor, Mark Carney, last week played down any housing bubble concern, primarily because market growth was coming from such a low level.

Whether the BoE might ultimately consider intervention should credit growth continue unabated is as yet unclear.

However, with interest rates at a record low now for such a sustained period, there is only one way they can move and even a small rise could impact on the housing market recovery.