RICS Residential Market Survey March 2026

Key takeaways

Sales market weakens sharply as demand and activity decline

New buyer enquiries lost momentum, falling to -39% in March (from -29% in February), marking the weakest demand reading since August 2023.
Agreed sales dropped significantly to -34% (from -13%), demonstrating a marked deterioration in transaction activity.
Near-term sales expectations also declined to -33% (from -4%), suggesting activity is likely to weaken over the coming months.
Twelve-month sales expectations also weakened to -1% (from a positive reading previously).

Supply shows early signs of loosening as stock levels rise

New vendor instructions slipped to -6% in March, as the number of new listings coming onto the market eased.
Appraisal activity is broadly in line with last year, pointing to a relatively flat near-term supply trend.
Unsold stock levels increased to an average of 47 properties per branch, due to weaker sales activity and a gradual build-up of inventory.

House prices soften as short-term outlook deteriorates

The headline house price balance softened at a national level, falling to -23% (from -14%).
Regional variation persists, with London, the South East, South West and East Anglia seeing more pronounced declines, while Northern Ireland and Scotland continue to report price growth.
Downward price pressures are expected to intensify in the near term, with short-term price expectations dropping sharply to -43% (from -19%).
Similarly, the twelve-month price expectations eased to +2% (from +33%).

Rental market tightens further as demand rises and supply remains constrained

Tenant demand picked up to +10% in March., However, ongoing supply constraints saw new landlord instructions remain deeply negative at -25%.
Near-term rent expectations strengthened to +29% (from +20%) as a result of this imbalance.