2014 looks like it might be a year for the seller. In many parts of the country, including the Wyre Forest area, the number of properties available for sale is dwindling as more and more properties are being sold. Demand is outstripping supply to the degree that prices are now beginning to show the first signs of rising.

But are we entering a new house price bubble? In a word - no.

As the old saying goes, a property is worth what someone is prepared to pay for it. House prices will rise when buyers are prepared to pay a higher price. Buyers may wish to pay higher prices for lots of reasons but at the same time their ability to pay a higher price is ultimately limited by the amount of money they can actually raise, and also by the amount which they will have to repay every month.

In the current economic situation, buyers may well be very keen to buy, particularly whilst mortgage rates are so low. But they are less keen to pay over the odds for any given property, and not at all keen to take on an unaffordable level of debt. Neither are mortgage lenders keen to lend imprudently. Mortgage rates will rise sooner rather than later, and no-one wants to find themselves stuck with repayments they can’t afford. In other words buyers are being sensible.

So yes, the headlines suggesting prices are rising do contain some truth, but in my view we are unlikely to see house prices rocketing skywards for quite some time to come - and certainly not in the foreseeable future. If I had a crystal ball I would expect to see local house prices rising this year in line with inflation plus a little bit more, so a 3-5% increase would be my forecast.

What we can look forward to in 2014 will be a very active year in the property market. An increasing number of sellers will feel confident enough to place their properties on the market, and there will be a good number of serious buyers wishing to buy those properties, whilst interest rates and house prices are both affordable.

So if you are planning a move this year, it might be better to get on with it now before interest rates rise, and before everyone else puts their house on the market as well.

And when you find a house you like, don’t be too mean with your offer. You could lose a really good property and - even worse - end up paying a higher price later in the year for one that you don’t like quite as much.

Finally, make sure you are in a good position to buy. If you have a property to sell then sell it. At least get it on the market and under offer. If you were a seller deciding between a buyer with a house to sell or another who had already sold, which one would you choose?