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RICS Residential Market Survey November 2023

Buyer enquiries and agreed remain in negative territory

  • Buyer enquiries remain weak with a net balance of -14% in November. However, this is the least negative figure for the measure since April 2022. 
  • Agreed sales remained negative but also eased, with a net balance of -11%, less pessimistic than a figure of -23% in October.

New instructions stable

  • New instructions in the market remained broadly stable in November, with a net balance of -5% recorded in both October and November. 
  • Respondents furthermore reported that the number of market appraisals undertaken in November was lower than in the previous year, with a net balance of -41%.

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 decline deep but easing

  • The net balance for the headline house price metric for November was -43%, firmly in negative territory but significantly less pessimistic than October’s figure of -61%. 
  • The majority of UK regions saw house price declines ease in net balance terms, according to RICS. However, the South East and East Midlands continue to present significantly negative readings.


  • Near-term sales recorded the first positive reading since early 2022 in November, with a net balance of +6% for sales expectations in November.
  • For the year ahead, the net balance for sales expectations was +24%, the most optimistic reading since January 2022.
  • Price expectations for the next twelve months were notably less pessimistic, with a net balance of -10% recorded, following a figure of -43% in October.

Rental market

  • Tenant demand continues to rise, with a net balance of +33% of respondents citing an increase. Although firmly in positive territory, this is the most modest reading since January 2021. 
  • On the supply front, a net share of -18% of respondents noted a decline in new landlord instructions. 
  • Although long-term expectations have eased slightly, rental prices are still expected to rise by almost 4% at the headline level over the next year.

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