A seasoned property investor is urging caution in the housing market, despite a rebound in sales numbers and prices. Both median house prices and the volume of sales rose in February, after very low figures in January.

Investor Olly Newland is warning it is unlikely we have seen the end of the housing slump. He hopes people will not rush at the market just because there has been a blip in the figures.

Mr Newland believes we are headed for a winter of discontent in the property sector, with prices falling further as more people lose their jobs. He says it is always hard to pick the bottom of the property market, but if people can be sure they have found a bargain they will be cushioned against those falls.