COVID-19 SERVICE: We are heightening our efforts to assist the UK retail & leisure industry through this challenging period. Explore this service now… COVID-19 SERVICE

RICS Residential Market Survey April 2023

Buyer enquiries fall further

  • The RICS UK Residential Survey for April results point to continued weakness in market conditions, exacerbated by higher borrowing costs and low confidence.
  • Buyer enquiries fell slightly from the previous month (-30%) with a net balance of -37%, but still higher than January’s figure of -43%.
  • In terms of agreed sales, a net balance reading of -19% was posted in April, up from -30% in March and the least negative reading since July 2022.

Inventory levels remain low

  • With respect to new instructions, the latest net balance increased slightly to -4%, up from -6% in March. 
  • The average number of properties on estate agents’ books was 36 in April compared to 35 in February and March but remains close to historic lows. 
  • The net balance for market appraisals was -36%.

Buyer enquiries stuck firmly in negative territory

Source: RICS

Note: Net balance = Proportion of respondents reporting a rise minus those reporting a fall (e.g. if 30% reported a rise in prices and 5% reported a fall, the net balance will be 25%).

Prices stabilising 

  • The national net balance for house prices increased marginally to -39% in April, up from -43% in March. 
  • Price declines in London slowed (net balance of -9% compared to -45% in March), while net balances declined further in the South East (-62%) and East Anglia (-77%).


  • Near-term sales expectations improved slightly in April, with a net balance of -20%, compared to December’s pessimistic reading of -52%.
  • For the year ahead, the net balance for sales expectations was +3%, up slightly from +1% in March.
  • Price expectations for the next three months remain downbeat with a net balance of -48%, compared to 47% in March. 
  • Price expectations for the next twelve months remain negative but are less pessimistic with a net balance of -16%, up from -24% in March.

Rental market 

  • Tenant demand continues to rise, according to a net balance of +40% of contributors.
  • On the supply front, a net share of -31% of respondents noted a decline in new landlord instructions. 
  • As a result, a net balance of +56% of respondents foresee rental prices increasing.

Back to Retail Economic News