This is good news – if the past relationship between the RICS index and the UK economy is any guide, it means that UK plc is passed the worst.

And yet, the housing market itself is as quiet as a library.

An index tracking new buyer enquiries fell to minus 15, while an index tracking new sales instructions stood at minus 10.

It seems that both demand and supply is exceptionally low.

An index, tracking rent expectations, fell from 24 to 19, suggesting modest rises in rent is occurring.

But house prices are still going up, largely because there are so few properties on the books of estate agents, an average of 45 unsold properties per surveyor.

It seems that house prices are still rising, the UK economy will see a modest rise in growth in the months ahead, but the elevated level of house prices to earnings is keeping a lid on housing demand, while a shortage of land and finance for house builders, is keeping a lid on housing supply.