RICS: UK Sales Outlook Weakest Since 2023

UK housing sales expectations have fallen to their weakest level since July 2023, as higher mortgage rates and subdued buyer demand weigh on the market. RICS’s October survey found that new inquiries remained weak, agreed sales declined, and more property professionals reported falling house prices; respondents also expect sales and prices to weaken over the coming year. Conditions varied by region, with prices rising in Northern Ireland and modestly in Scotland and north-west England, while several other areas reported weaker trends. In the rental market, tenant demand strengthened while landlord instructions continued to fall, adding pressure to rents.