Overview
- RICS’ new buyer enquiries balance fell to -24 in October, the weakest since April, as agreed sales declined and new sale instructions posted their worst reading since 2021.
- Survey participants expect house prices to slip over the next three months, with London and the South East seen under the most pressure.
- The lettings market also weakened, recording its softest RICS reading since 2020.
- Mortgage indices diverged, with Halifax reporting a 0.6% monthly price rise in October and Nationwide a 0.3% gain, underscoring mixed signals on prices.
- RICS cited above-target inflation and rising unemployment as headwinds and said clarity on housing tax in the November 26 Budget could steady or worsen momentum, while campaigners renewed calls to reform stamp duty.