Unemployment is a "lagging economic indicator", with its true impact yet to be seen, it has been said.

Selwyn Lim, director of Mouseprice.com, believes its effect on house prices may be delayed for some time.

"Recently there has been a slight upturn in the property market, with various industries coming out with more positive news, with the indicator that the worst of the property downturn seems to be behind us," he noted.

Nonetheless, there are still pessimists out there who believe there is still a second dip to come in the market, with the upturn being a temporary fixture.

Unemployment could be something which is "yet to kick in", Mr Lim suggested, although only time will tell how its effects will be manifested.

The employment rate for people of working age was 72.7 per cent in the three months to June 2009, down 0.9 percentage points on the previous three months, the Office for National Statistics recently revealed.

Furthermore, the unemployment level was 2.43 million, up 220,000 on the previous three months and up 750,000 on the year.