UK housing downturn eases but sentiment fragile, surveyors report
8 reported
A monthly survey from the Royal Institution of Chartered Surveyors (RICS) indicates that the UK housing market downturn eased slightly in June, though sentiment remains fragile. The headline house price balance improved marginally to -33% from a revised -34% in May, while price expectations rose to +8% from +6%. New buyer enquiries remained negative at -29%, but this was the least negative reading since February, improving from -34% in the previous two months. Newly agreed sales also showed a small improvement, with a net balance of -32% compared to -35% previously. Near-term sales expectations improved to -16% from a recent low of -34% in March, though respondents expect sales volumes to remain broadly flat over the next twelve months. Surveyors and estate agents expressed ongoing concerns about inflation, the cost of living, UK political uncertainty, and global conflicts, with some sharing hopes that the recent ceasefire in the Iran war will boost market conditions.
What’s reported
The RICS survey’s headline house price balance was little changed at -33% from a revised -34% in May.
Price expectations rose to +8% from +6%.
New buyer enquiries remained negative at -29%, an improvement from -34% in the previous two months and the least negative since February.
Newly agreed sales net balance was -32%, a small improvement from -35% previously.
Near-term sales expectations improved to -16% from a low of -34% in March.
Respondents expect sales volumes to remain broadly flat over the next twelve months.
Surveyors cited concerns about inflation, cost of living, UK political uncertainty, and global conflicts.
Some surveyors expressed hopes that the recent ceasefire in the Iran war will boost market conditions.
Key figures
Royal Institution of Chartered Surveyors (RICS) – organization conducting the survey.
Sources: The Guardian
