MP’s have been told this week that the we have seen the worst of the house price fall and can now look forward to brighter days.

Professor David Miles has reiterated the optimistic feeling following the Nationwide’s statement that prices increased in June of the third time in four months.

He stated: "Expectations are crucial in the housing market and they look a bit better now than a few months ago. "My hunch - and I put it no stronger than that - is that we have seen most of the overall aggregate house price falls."

He concluded: "High loan-to-value mortgage products have dried up - ultimately that is not a disaster; people will wait a bit longer to buy and rent a bit longer. The flow of first-time buyers will be reduced as they accumulate higher deposits."

While the future may be bright the present is still a tough slog for many would be homeowners. The Council of Mortgage Lenders have stated that there are still a lack of available mortgages for Britons.

An expert has on the back of this news insisted that talk of a resurgent market is premature to say the least.

He stated: "We probably will see some volatility in figures from month to month. That is a pattern that you might expect in these circumstances - monthly fluctuations - and we have always warned about reading too much into one month's figures."