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RICS Residential Market Survey June 2022

Buyer demand falls further 

  • The RICS UK Residential Survey for June shows both demand and sales continue to ease but house prices remain elevated.
  • The latest net balance for new buyer enquiries fell back sharply at -27%, down from -9% previously pointing to softer demand. 
  • The volume of sales agreed also dipped, evidenced by a net balance reading of -13% (compared with -5% last time)

New listings unchanged 

  • The volume of new instructions was unchanged, returning a net balance of -1% following flat growth in May.
  • In terms of market appraisals, the latest headline figures are also said to be running at a broadly similar pace to that seen twelve months ago.
  • This suggests little change in the flow of supply coming onto the market in the immediate future.

Buyer demand falls further in June

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 still high

  • At a national level, a net balance of +65% of agents noted a rise in house prices in June.
  • Although slowing on last month, it remains well ahead of the long-run average of 13%. 
  • House price growth remains exceptionally strong in Northern Ireland, Yorkshire & the Humber and the South East.


  • Near term sales expectations are now negative, as the latest net balance fell to -9% from flat growth in May. 
  • The 12-month outlook for activity remained in negative territory, although eased on May’s reading with a net balance of -21% from -24% previously.
  • Although a net balance of +37% of survey participants expects house prices to be higher in a year’s time, down from +78% in February.

Rental market 

  • Tenant demand remained elevated with a net balance of +36% of contributors noting an increase in June. 
  • At the same time, landlord instructions fell for the third consecutive month, with the latest net balance coming in at -11% (from -13% in May).
  • Rents are seen rising further over the near-term by a net balance of +52% of respondents.

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