Sales subdued; rental up, but not by much – RICS report

RICS has published its latest UK Residential Market Survey, which can be seen here.  Previous ones can be seen here.

They report that ‘For agreed sales, the latest net balance of -25% remains consistent with generally weak activity levels over October. Even so, this reading is again less negative than figures of -45% and -35% recorded in August and September respectively.’

Turning to prices, the survey’s headline indicator on house price trends posted a net balance reading of -63% in October. This is slightly less negative than the reading of -67% seen last month and suggests the pace of decline, from a national perspective, has levelled-off in recent weeks.

In terms of rental ‘Across the lettings market, a headline net balance of +33% of contributors noted an increase in tenant demand in the three months to October (part of the seasonally adjusted quarterly lettings dataset).  Although still comfortably positive, this is the most modest reading for the tenant demand series since Q2 2021. At the same time, landlord instructions continue to fall (net balance -18%), with most UK areas seeing a further reduction in such listings.



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