Indeed, however as average is a facet of higher and lower values, and given that we've held below trend for some time, one might assume that we will now trend above average for a while. I continue to maintain that valuations, not rates, will determine future house valuations. And given that by all historical and comparitive measures valuations are well above trend, a return to the norm is to be expected. How long this will take will be influenced principally by fundamentals, sure, but for me no-one is factoring in the effect of (negative) sentiment, once it kicks in.
