"Beware the suckers' rally", says Fleet Street Letter economics writer Brian Durrant. If house price inflation reaches double figures in 2006, we could face the correction that a year or two more of subdued prices might have avoided. And clearly, he's right. Except who, in their right mind, is forecasting that kind of growth next year? Not even the CML (2%). Where the article is worth a read, though, is in his summation of the game so far...

In January 2003, Professor Andrew Oswald of Warwick University urged us to sell up - quick! - because "over the next two years there is going to be blood on the estate agents' carpets from Thurso to Torquay". He forecast a 30% crash in house prices... If you had taken Prof Oswald's advice you would have missed out on a gain in the average property price from £107,905 to £157,107... a massive 33%.

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