The RICS President used a recent visit to the West to reject any suggestion of a property recession.

David Tuffin said he wanted the industry to banish the “R” word and described recent events as a necessary price correction that was more likely to be of benefit rather than cause lasting damage.

His comments came as new evidence emerged of an upsurge of activity in the Bristol area as funds looked to raise cash and developers took advantage of the opportunities arising.

Mr Tuffin, who was in the region talking to professionals and students at the University of the West of England, warned of the danger of the profession talking itself into trouble.

He said the fundamentals of the economy were strong and that conditions should improve by the summer after a “welcome correction.”

Mr Tuffin praised Bristol as a city during a reception on the waterfront before addressing postgraduates and holding a question and answer session for 120 students on career prospects in the profession.

His optimism was backed by Paul Spaven, Partner at the Bristol office of Mr Tuffin’s firm, Tuffin Ferraby Taylor, who said there was considerable activity in the market in the region as property was being re-priced.

He said the firm’s building and project consultancy in Bristol had never been busier in the 17 years since it was established.

Property was being put on the market for liquidity reasons and there was good demand from people with money to invest. Talks were currently being held with one client on a deal involving a total of £250 million, he said.

“I think everyone has been surprised at the buoyancy in the market considering all the talk of problems, including the credit crunch,” said Paul Spaven. “The industry has been told to drop its prices and it has done just that.”