The average value for all vans fell by just £24 to £3,190 in September, suggesting that the rate of fall may be slowing as previous months had seen falls of £200 and more.

The current average values of LCVs are around £750 behind those recorded earlier in the year, according to BCA.

While values for fleet and lease vans fell by £27 (0.75%) to £3,481, prices for part-exchange and nearly-new vans actually increased over the month.

"Although it would be misleading to say the market came back with a vengeance in September, there was an upturn in activity in the auction halls and a fragile confidence returned to the marketplace,” Duncan Ward, BCA business development manager - commercial vehicles, said.

“Buyers were out in bigger numbers and there was plenty of interest for clean, straight CVs that were ready to go straight back to work.

"As a result, van values tended to stabilise and overall there was little price movement between August and September.

"However, it is far too soon to suggest that values have bottomed out.

"We are expecting greater volumes of stock in Q4 and that may well impact on price points.

"Even with the half-point base rate cut, until businesses feel confident to buy vans again, any upturn in the used LCV market will be on hold."

* The fortunes of commercial vehicles in the used market are outlined in the latest BCA Pulse report. To view the ezine click here.