RICS Residential Market Survey September 2026

Key takeaways

Sales market softens as higher interest rate expectations weigh on sentiment

New buyer enquiries slipped to -22% in September from -18% in August, ending five consecutive months of improvement. However, the reading remained above the recent low of -41% in March.
Agreed sales weakened marginally to -18% from -16%, although the reading remained less negative than the three-month average of -25%.
Near-term sales expectations softened slightly with net balance easing to -6% from -3%.
Twelve-month sales expectations were broadly flat.

New listings rise, but the supply pipeline remains weak

New vendor instructions increased to +6% in September, marking the first positive reading since mid-2025.
Market appraisals remained below levels recorded twelve months earlier.

House prices face renewed downward pressure

The headline house price balance fell to -32% in September from -28% in August, ending four consecutive months of improvement.
Most parts of England recorded weaker price balances, with London remaining notably weaker than the national headline reading. Prices continued to rise in Northern Ireland.
Near-term house price expectations over the next three months stood at net balance of -24%.
Twelve-month price expectations stood at a net balance of 0%,

Rental demand strengthens while supply remains constrained

Tenant demand increased to +23% in September, marking the third consecutive month of strengthening demand growth.
New landlord instructions remained firmly negative.
Near-term rental price expectations eased to +37% from +44% in August. However, the reading remained above the first-half average of +27%.