The continued momentum in the used LCV market set yet another record average value of £4,585 in February, an increase of £158 over January’s figure of £4,427 according to BCA.

It is now the fourth consecutive month to set a record value, a run that has seen average values improve by a significant £727 – equivalent to a 18.8% increase over the period.

The record value previous to the current period - set in January 2008 – stood for 22 months before falling.

Year on year values increased by £1,468, meaning that used values have recovered by 47% over the past 12 months.

BCA’S general manager – commercial vehicles Duncan Ward said: “After the recovery seen in used LCV prices in 2009, most market watchers might have expected values to settle in 2010, but demand has taken off like a train.

“Put simply, there is a shortage of just about everything and whether you are looking for a cheaper budget van, a well-used but tidy ex-lease vehicle or a late-plate model, you are going to run into plenty of competition to secure it.

"And that means higher prices and no real sign that is going to change in the near future.”