RICS’ UK Residential Market Survey – November 2025 continues to signal a subdued housing backdrop, with buyer demand and sales activity still firmly negative. RICS also notes the data shows no discernible reaction to the recent Budget, despite three-quarters of the sample being collected after the event.

On activity, new buyer enquiries weakened to a headline net balance of -32% (from -24%), while agreed sales held broadly steady at -23% (vs -24%). On supply, new instructions remained negative at -19%, and market appraisals slipped further to -40% — with RICS stating this suggests the pipeline for new instructions is likely to remain subdued in the near term.

On pricing, RICS feedback points to a gentle national decline (-16%). Regionally, London was the weakest at -44%, with the report noting the Budget’s additional tax on higher-value homes may be exerting extra downward pressure. Looking ahead, 3-month price expectations remained negative (-15%), while 12-month expectations moved further positive (+24%, strongest since June), indicating surveyors see a more constructive trajectory later in the year despite near-term softness.

In lettings, the tenant demand measure fell to -22% (weakest since April 2020), while landlord instructions remained deeply negative at -39%. RICS notes some respondents cite the recent increase in property income tax announced in the Budget as a factor that could further weigh on supply. Rental expectations are modest: +6% near-term (next 3 months) and an expected +2.5% rise over the next 12 months.

What this implies for 2026 (fact-first, then logic):

With enquiries (-32%), sales (-23%), and appraisals (-40%) all in negative territory, the near-term pipeline still looks thin — suggesting a sluggish start to 2026 is plausible until confidence and listing momentum rebuild. At the same time, the more positive 12-month expectations on both sales (+15%) and prices (+24%) indicate many surveyors still expect conditions to improve later into 2026, assuming sentiment stabilises.

Read the full report → November 2025 UK Residential Market Survey.