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FRIDAY 20TH MAY 2005  GREEN SHOOTS IN THE HOUSING MARKET In contrast to the gloomy slant put on the housing market by some surveys recently, a network of independent estate agents says the housing market is ‘warming up’ ready for the summer. The latest quarterly market survey from Home Sale Network says the housing market is showing signs of recovery, with good news for the UK’s beleaguered first-time buyers. The survey, conducted among members of the network of independent estate agents, shows a rise in first-time buyers’ share of completed sales compared to the last quarter of 2004, fewer viewings needed before a sale and a significant rise in the average price of a three bedroom semi-detached property. These key findings point to an upturn in fortunes for the market: * First-time buyers’ share of completed sales has risen from 12.5 per cent in the final quarter of 2004 to over 15 per cent in the first quarter of 2005. * The average number of viewings that home sellers can expect before receiving an acceptable offer has fallen from 13.7 to 13.2, * Likewise, the average time between a house going on the market and a final offer being accepted has fallen below 10 weeks in the latest quarter, from almost 10.5 in the previous quarter. There is also good news in terms of the ratio of potential buyers to homes for sale. In the latest quarter, there were over 3.3 potential buyers for every listed property, compared to under 3.2 last time. Meanwhile the national average asking price for a three bedroom semi-detached house is up from £172,675 in the previous quarter to £176,499 – and a significant rise on the figure for 12 months ago, which stood at £158,361. Richard Tucker, Managing Director of Home Sale Network, said: "There is no doubt we are seeing the early signs of ‘green shoots’ in the housing market in time for the onset of summer." "The market is undeniably tougher than last year, however, it has been exceptionally strong over the last three years and there had to be some kind of normalisation, which has been evident in previous few surveys. The latest figures indicate we have hit bottom and are now on the up."

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