He claimed that several of the top indicators for house values are giving conflicting reports, which makes it "difficult to know which way house prices are actually going at any one time".
"What is more certain is that
Mr Thukaram suggested that "yo-yoing" prices are good news for the property market, as it means that it is beginning to bottom out.
His comments were made in response to today's publication of the Land Registry's house price index, which found the average house price of £155,600 remained the same in April and May.
This was the first time in 20 months that the figure did not fall month-on-month, although it was still down by 9.6 per cent on May 2008.
Nationwide's index for May reported a 1.2 per cent increase in the average house price.