Don't be fooled, this is a false dawn for the property market | Larry Elliott

Competition to sell mortgages is strong, but vendors are in no mood to cut and run

These are tough times to be an estate agent. A period of rocketing prices in the middle of the decade has made residential property expensive. Buyers are unable or unwilling to pay the prices demanded by sellers and with unemployment low sellers feel in no need to adjust their expectations downwards.

The result is a flat market with next to no house price inflation. Or so it seemed before the release of the latest UK Finance figures for mortgage lending, which showed approvals at a 28-month high. Boom times are back for the housing market.