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United Kingdom Economy

UK housing sales outlook weakens as mortgage costs weigh on buyers

2026-11-15

Terraced houses in London, an illustration rather than properties in the survey

Britain's housing market faced weaker expectations for sales and prices in October as higher mortgage rates restrained demand. A survey of property professionals found that the outlook for transactions over the following twelve months had fallen to its weakest since July 2023, while pressure on rents was moving in the opposite direction.

The Royal Institution of Chartered Surveyors published its October residential survey on 12 November. New buyer enquiries remained at a net balance of minus 24 percent. Agreed sales weakened to minus 24 percent from minus 18 percent. The twelve-month sales expectations balance fell to minus 17 percent, and the three-month measure stood at minus 11 percent.

Survey balances are not percentage changes in house prices

The headline price balance slipped to minus 36 percent from minus 34 percent. That does not mean house prices fell 36 percent: a net balance measures the difference between respondents reporting increases and those reporting decreases. Separate estimates from respondents pointed to a relatively modest price decline of about 1 percent over the coming year. Those are expectations, not completed transactions or a guaranteed national outcome.

The regional picture was mixed. London, East Anglia, the West Midlands and the South East had weaker price trends than the national balance. Northern Ireland continued to report firm price growth, while Scotland and North West England recorded modest increases. New instructions to sell fell to minus 8 percent from plus 6 percent, suggesting that the pipeline of listings was weakening too.

In lettings, quarterly seasonally adjusted tenant demand moved to plus 7 percent, while landlord instructions remained negative at minus 30 percent. Expectations for rental growth over three months rose to plus 41 percent, the strongest balance since early 2024. Again, that is not a forecast of a 41 percent rent increase. The survey describes a market where reduced buyer activity can coexist with tighter rental supply; it does not determine the rent or selling price of an individual property.

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