United Kingdom RICS House Price Balance

The RICS UK Residential Market Survey showed that the house price balance remained at -35% in May 2026, unchanged from a slightly upwardly revised April reading. This came in above market expectations of -31% and still marked the weakest level since November 2023, despite emerging signs of stabilization. New buyer enquiries steadied at -34%, marking the first month since January in which demand did not deteriorate further, while the agreed sales balance was unchanged at -37%, suggesting the recent slowdown in transactions may be losing momentum rather than accelerating. Regionally, the South East and East Anglia continued to experience greater downward pressure on prices, while Northern Ireland remained a notable outperformer with prices still rising firmly. Looking ahead, the near-term house price expectations index fell to a net balance of -45% in May at the UK-wide level, down sharply from -39%, pointing to further softness over the coming months.

The RICS UK Residential Market Survey showed that the house price balance fell to -34% in April 2026 from a downwardly revised -25% in March, marking the weakest reading since November 2023 and coming in below market expectations of -25%. Regionally, London, the South East, East Anglia, and the South West of England all registered negative net balance readings. Conversely, the North West and the North of England continue to post marginally positive readings for the time being. Looking ahead, the near-term house price expectations index rose to a net balance of -38% in April at the UK-wide level, from -45% in March, indicating that downward pressure on prices is likely to ease over the next three months. “The recent warning from the Bank of England that interest rate rises may be required to tackle renewed inflation, driven by elevated oil prices and disrupted supply chains, underlines the challenging environment facing buyers,” said Tarrant Parsons, RICS’ head of research analysis.

The RICS UK Residential Market Survey showed the house price balance declined to -23% in March 2026 from -14% in January, marking the weakest reading since December 2023 and coming in below market expectations of -18%. This suggests renewed, though still relatively modest, downward pressure on prices. Regionally, London, East Anglia, and the South East and South West of England all posted more negative net balance readings compared to the national average. In contrast, respondents in Northern Ireland and Scotland continued to report price growth. Looking ahead, the near-term house price expectations index dropped to a net balance of -43% in March at the UK-wide level, down sharply from -19% in the previous month, indicating that downward pressure on prices is likely to intensify over the next three months.