While this is very encouraging for those who are long, it is quite frustrating for those who are belatedly trying to get into the market.

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So, while its vast improvement over the past five years is very encouraging, it fails these two tests.

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"A buoyant, healthy property market is central to economic recovery and, while these are still very much early signs, it is encouraging that sales are beginning to pick-up, " said Peter Bolton King, of Rics.

BBC: 'Early signs' of housing activity, says RICS