Demand from buyers and agreed sales are declining once more according to RICS

November 9, 2017

According to the latest RICS UK Residential Market Survey – October 2017 published today both demand from buyers and agreed sales are declining once more, while price trends are now flat.

They state: Subdued sales trends now being reported across most regions of the UK as demand from new buyers continues to decline, the national price indicator now flat with London and the South East still downbeat.

They also mention that in October, interest from buyers continued to decline with 20% more respondents seeing a fall in new buyer enquiries over the month.

As far as housing stock is concerned  the latest RICS results point to a renewed deterioration in the flow of fresh listings coming to market (net balance -14%).

Simon Rubinsohn, RICS Chief Economist said:

“The combination of the increased cost of moving, a lack of fresh stock coming to the market, uncertainly over the political climate and now an interest rate hike appears to be taking its toll on activity in the housing market. With both buyer enquiries slipping and sales expectations also subdued, the sense is that home owners are staying put and first time purchasers are increasingly focusing on that part of the market supported by the Help to Buy incentive. A stagnant second-hand market is bad news for the wider economy, not just in terms of spending but also because it restricts mobility.

“Prices do now seem under pressure at the more expensive end of the market with a further rise in the number of properties transacting at below the asking price. But it is important to not characterise the whole of the market by what is happening in parts of London and the wider South-East”.

Read the RICS UK Residential Market Survey – October 2017 published today in full click here.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Latest ONS Private Rent and House Prices Index

Average UK monthly private rents increased by 5.0%, to £1,360, in the 12 months to October 2025 (provisional estimate); this annual growth rate is down from 5.5% in the 12 months to September 2025. Average rents increased to £1,416 (5.0%) in England, £817 (6.7%) in Wales and £1,008 (3.4%) in Scotland, in the 12 months…
Read More →
Estate Agent Talk

Winter property checklist: How to protect your home this season

As temperatures drop and winter approaches, Propertymark, the leading professional body for estate and letting agents, is urging homeowners and tenants to prepare their homes for the colder months with a few simple maintenance checks that can prevent costly damage and ensure safety and comfort throughout the season. According to Propertymark, winter is one of…
Read More →
Breaking News

London homebuyers have paid nearly £25bn in Stamp Duty over the last decade

The latest research from Jefferies London shows that, as many await news of potential Stamp Duty reform in the upcoming Autumn Budget, homebuyers across the capital have collectively paid almost £25bn (£24.9bn) in Stamp Duty over the last ten years, with buyers in prime central London contributing the largest share by a considerable margin. Jefferies…
Read More →
Letting Agent Talk

Slow maintenance responses are driving tenant anxiety

New research from Adiuvo, the UK’s leading provider of 24/7 property management support, reveals that almost 60% of tenants report feeling increased stress or anxiety as a result of maintenance issues in their rental property, and for most, the lack of landlord action is more stressful than the maintenance issues itself. Adiuvo has surveyed 1,.013…
Read More →
Estate Agent Talk

Agent confidence split as housing market braces for Autumn Budget impact

The latest agent sentiment survey from GetAgent.co.uk reveals that, while property market activity has remained resilient through 2025, confidence among agents is now divided as the industry awaits key housing announcements in the Autumn Budget. The survey of estate agents, commissioned by GetAgent, found that whilst cautiously optimistic, there are increasing concerns about external economic…
Read More →
Breaking News

Letting agents to play pivotal role in Renters’ Rights Act rollout

The latest lettings sector insight from Dwelly, one of the UK’s leading lettings acquisition and success planning experts, has revealed that 57% of landlords do not feel prepared for the introduction of the Renters’ Rights Act, with many looking to their letting agent for guidance, highlighting the vital role letting agents will play in helping…
Read More →