RICS survey: UK house sales outlook darkest since 2023
RICS data show the 12-month house sales outlook fell to -17 in October, the weakest since July 2023, as mortgage rates rose.
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what happened
British property surveyors were the most pessimistic about house sales over the next year in more than three years, according to October data from the Royal Institution of Chartered Surveyors (RICS). Its 12-month sales outlook dropped to -17, and respondents expect the sharpest sales decline since July 2023. Higher mortgage rates are weighing on demand.
RICS's headline house price balance fell to -36 from a revised -34 in September, slightly worse than the -34 forecast in a Reuters poll of economists. The gauge of new buyer enquiries held at -24, while agreed sales dropped to -24 from -18, the weakest in three months. In the rental market, tenant demand strengthened and landlords put fewer properties on the market. Expected rent growth over three months rose to +41 from +29, the strongest since early 2024.
why it matters
The survey came a week after the Bank of England raised its rate to 4% from 3.75%, its first hike in three years. Weaker housing demand and costlier mortgages matter for sterling and UK homebuilders, while stronger rental expectations may support interest in the rental segment.
market impact
Sterling and UK homebuilders: weak housing demand and pricier mortgages weigh on the outlook
- UK homebuilders pressure down — weaker sales and costlier mortgages reduce demand for new homes
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on polymarket
sources
- UK house sales outlook is darkest since 2023, RICS says — Reuters, 12 November 2026 at 00:01 UTC
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