RICS Residential Market Survey May 2026

Key takeaways

Sales market remains subdued but shows signs of stabilisation

New buyer enquiries remained firmly negative at -34% in May, unchanged from April, but the first month since January in which demand did not weaken further.
Agreed sales remained weak at -37%, unchanged from the previous month.
The average time taken to complete a sale rose to 21.5 weeks, the longest since the survey began tracking the measure in 2017.
Near-term sales expectations improved slightly to -25% (from -32%), while twelve-month sales expectations moved into neutral territory at +2% (from -6%).

Supply pipeline remains constrained as new instructions soften

New vendor instructions slipped to -8% in May (from -3% in April)
New appraisals remained weak at -16%, with the pipeline of future listings subdued.
Survey evidence points to ongoing supply constraints, with activity levels remaining below those seen a year ago.

House prices continue to edge lower amid regional divergence

The headline house price balance was unchanged at -35% in May.
Price weakness remained most pronounced in the South East and East Anglia, while Northern Ireland continued to report firm house price growth.
Near-term house price expectations deteriorated further to -45% (from -39%).
Twelve-month price expectations improved to +6% (from +5%).

Rental market remains undersupplied as rent growth accelerates

Tenant demand strengthened, with a net balance of +14% of respondents reporting an increase in demand while new landlord instructions remained firmly negative at -28%.
Near-term rental price expectations rose sharply to +36% (from +26%), the highest reading since May 2025.