Overview
- New buyer enquiries dropped to a net balance of -26 in February, the house price balance fell to -12, and near‑term sales expectations slipped to -2, according to RICS.
- Lenders have withdrawn products and raised rates, with some average mortgage rates moving above 5% and turbulence described as the worst since the 2022 mini‑Budget.
- Price weakness is concentrated in London, the South East and East Anglia, while Northern Ireland, Scotland and the North West report firmer trends.
- Tenant demand held broadly steady but landlord instructions were firmly negative, pointing to a shortage of rental homes and expectations for rising rents.
- Survey respondents retain a modestly positive 12‑month outlook for sales and prices, contingent on inflation and energy pressures easing.