Overview
- RICS reported a net balance of -32% for new buyer enquiries in November, the weakest reading since late 2023 and down from -24% in October.
- Three-quarters of survey responses were submitted after the Nov. 26 budget, with respondents saying pre-budget leaks and speculation dampened activity.
- The budget introduced an annual surcharge on properties valued above £2 million, due to start in April 2028, and surveyors noted relief at the high threshold.
- The house-price gauge improved to -16%, with London showing the sharpest price falls while Scotland and Northern Ireland recorded gains.
- Professionals expect modest improvement over 12 months—net +15% for sales and +24% for prices—yet RICS cautioned near-term activity will likely stay muted, and rental expectations remain elevated with roughly 2.5% growth forecast.