The last week or so has produced some confusing signals for UK property investors. It seems the market had only just shrugged off the predictions of many pundits that it would collapse in a gigantic bubble of hype, speculation and so-called over-value.

The market has emerged from the confusion caused by these dire predictions, astounding most observers - doomsayers and the more level-headed alike - by, not only holding its own, but then actually producing significant growth, and following that up with what can only be described as a mini-boom in some areas.

But, we've barely had time to consider the question of whether the bargain hunting period - the time of nil or slow growth - is over for another few years, when the talk has turned again to the tightening of belts, slowing growth, and even price downturns.

What has a lot of people concerned is the combination of an interest rate rise, the latest Land Registry numbers proving the UK property market was indeed racing ahead at quite a clip in Q2 2006, and hard on their heels, the Bank of England's rather scary inflation report.

A strong property market AND rising inflation are two big factors in favour of more interest rate rises. And the Bank of England Governor, Mervyn King, made it clear more rises were certainly possible as the bank battled to stay on top of inflation.