One wonders if estate agents are living on the same planet as everyone else!

Today the press is reporting the most horrendous statistics – well horrendous if, like me, you are trying to sell.

Nationwide Building Society has recorded the first annual fall in house prices for 12, yes TWELVE, years. The property market is weakening due to "poor affordability and tighter financial market conditions". You’re telling me?!

And then I get through the post this incredible, upbeat, letter from Fletchers – a local west London estate agent. Entitled “An update on the local property market” it says

Over the last few months the press have been reporting falling house prices and a credit crisis and I am writing to give you a local viewpoint on what this really means.

The media reports are often historical as they are using data from land registry which looks at completed transactions on a national basis rather than new deals locally. As such information relied upon relates to sales agreed up to 6 months ago and therefore “old news”.

The latest figures on the Halifax House Price Index show property prices in the Greater London area rose by 1.6% in the 1^st Quarter of 2008. They also show the property prices have increased by 191% over the last 10 years.

Sound economic fundamentals are supporting house prices. A strong labour market, low interest rates and a shortage of new homes underpin housing values. Employment is at a record high and unemployment continues to fall. There is only ever a small window of opportunity in the market place to get the best property for the best price.

These chances do not come around very often and if you delay your purchase you may look back in 6-12 months time and regret not having bought at these low prices.

Oh yeah? Pull the other one!