The average used van sale price was up 5.5% (£140) at £2,676 in January compared with December 2008, according to Manheim’s latest monthly Market Analysis report, raising hopes that the fall in prices has at last bottomed out.

It is the first increase in average wholesale used van prices since September 2008. When compared with January 2008, average wholesale used van prices were down by 22.3% (£767), average age was two months lower at 52 months and average mileage was 3,217 miles lower at 68,348.

Examples of the increases in average month-on-month values in January included small panel vans which rose by 7.1% (£208), panel vans under 3.0-tonnes gvw which rose by 10% (£242), panel vans 3.0-3.5 tonnes which rose by 5.9% (£158) and 4x4s which rose by 11.6% (£472) compared with December. Car-derived vans fell by 1% (£18).

Mr Wright said: “The buoyant atmosphere in the halls during November and December strengthened during the opening weeks of January this year with good attendances in both the auction halls and online.

“With vendors being more realistic when setting reserves, trade buyers and ‘end user’ buyers are responding and values have consequently increased.

"During January there was clear evidence that many dealers were buying for stock rather than just fulfilling orders and, as a result, auction values and conversion rates improved.

"The outlook appears positive – the only doubt surrounds the volume of de-fleeted vans coming into the wholesale market over the coming weeks.

"That said, any reduction in supply may strengthen current market activity and values further.”