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RICS Residential Market Survey June 2023

Buyer enquiries remain in decline 

  • Buyer enquiries fell considerably on the previous month (-20%) with a net balance of -45% in June, marking an eight-month low.
  • In terms of agreed sales, a net balance reading of -34% was posted in June, down from -8% in May, the most pessimistic reading since December 2022 (-38%).

Inventory levels steady

  • With respect to new instructions, the latest net balance was -1%, remaining steady after a positive reading of +14% in May.
  • The average number of properties on estate agents’ books was 37.4 in June but remains low on a historical comparison and below the average seen over the past five years.

Buyer enquiries decline further

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 in decline

  • The national net balance for house prices fell to -46% in June, down from -30% in May.
  • All English regions saw experienced declines, while house prices are more resilient in Northern Ireland and Scotland.


  • Near-term sales expectations reached a four-month low in June, with a net balance of -36%.
  • For the year ahead, the net balance for sales expectations was -31%, bringing an end to a three-month period of more optimistic readings.
  • Price expectations for the next twelve months have seen a sudden decline with a net balance of -49%, compared to -3% in May.

Rental market 

  • Tenant demand continues to rise, according to a net balance of +40% of contributors.
  • On the supply front, a net share of -36% of respondents noted a decline in new landlord instructions.
  • As a result, a net balance of +53% of respondents foresee rental prices increasing.

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