Overview
- RICS's May survey found buyer enquiries stalled at a net balance of -34%, the first time since January the measure did not fall further, suggesting the pace of deterioration may be easing.
- Agreed sales and the house-price measure remained weak at net balances of -37% and -35% respectively, indicating activity and prices are still falling compared with a year earlier.
- The average time from listing to completion rose to 21.5 weeks in May, the longest on record in RICS data, signalling slower deal progression and a backlog of transactions.
- Rents are tightening as tenant demand rose while landlord instructions fell to -28% after new tenant-protection rules, with rent expectations up to +36% and Zoopla reporting 2.1% annual rent growth to April and about 5% rises in lower-cost areas.
- Market sentiment is being shaped by mortgage-rate volatility and geopolitical uncertainty, and the RICS monthly survey shows the sector remains fragile with BoE policy moves and lender pricing likely to determine the next direction.