Results show weakest sales since early days of pandemic
Surveyors have reported a further decline in new buyer enquiries in July, with few expecting a change of fortunes in the short term.
According to RICS鈥� monthly UK Residential Market Survey, more surveyors reported a fall than a rise, with a net balance of -45% last month.
That was roughly equal to the -46% recorded the month prior and the negative return on enquiries was experienced across all UK regions.
RICS鈥� report said the results were 鈥渟ymptomatic of a market losing further ground in the face of higher mortgage rates鈥�.
In keeping with the deteriorating demand backdrop, a net balance of -44% of respondents reported a decline in agreed sales.
That was down from June鈥檚 -36% figure and the weakest reading since the early stages of the pandemic in spring 2020.
RICS UK Residential Market Survey explained
The RICS UK Residential Market Survey is a monthly sentiment survey of chartered surveyors who operate in the residential sales and lettings markets. Surveyors are asked 18 questions on a range of metrics such as sales, enquiries, listings and house prices and are asked whether these have increased, stayed the same or decreased.
The 鈥榥et balance鈥� refers to the proportion of respondents reporting a rise in a metric minus those reporting a fall.
For example, if 30% reported an increase in buyer enquiries and 5% reported a fall, the net balance would be +25%.
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