RICS Residential Market Survey February 2026

Key takeaways

Sales market remains subdued as buyer demand weakens

New buyer enquiries fell to -26% in February (from -15% in January), indicating renewed weakness in demand after improving at the start of the year.
Agreed sales edged lower to -12% (from -9%), with transaction activity remaining subdued despite readings being less negative than much of the past six months.
Near-term sales expectations slipped to -2%, marking the softest outlook since November last year due to growing caution linked to macroeconomic and geopolitical uncertainty.
Twelve-month sales expectations moderated to +17% (from +35%), suggesting activity is still expected to improve over the year ahead.

Supply remains tight as new listings show little improvement

New vendor instructions were broadly flat at +2% in February (vs 1% in January).
Appraisal activity remained broadly in line with a year ago at -5%.

House prices broadly stable but regional differences remain evident

The headline house price balance stood at -12%, consistent with a flat to marginally negative trend (down slightly from -10% previously).
Regional variation remains significant, with London (-40%), the South East (-24%) and East Anglia (-26%) seeing greater downward pressure, while Northern Ireland, Scotland and the North West continue to report rising prices.
Short-term price expectations weakened to -18% (from -6%), as caution grew.
Twelve-month price expectations moderated to +33% (from +43%).

Rental market remains tight as supply constraints persist

Tenant demand was broadly stable at +2% in the three months to February.
New landlord instructions remained deeply negative at -27%, demonstrating continued constraints on rental supply.
Near-term rent expectations stood at +20%, with rents expected to remain elevated as demand continues to outpace supply.