Royal Institution of Chartered Surveyors' house price balance, measures the difference between the percentage of surveyors seeing rises and falls in house prices,
RICS August house price balance fell to -19 from -13 in July, weakest since Jan 2024 and below economists’ forecast of -10.
New buyer enquiries dropped to -17 (from -7), lowest since May; agreed sales slid to -24 (from -17).
Weak growth, high inflation (3.8% in July, BoE sees 4% peak in Sept) and uncertain rate outlook weigh on sentiment.
RICS said the housing market is clearly being hit by ongoing uncertainty over growth, inflation, and rates.
Rental market: Tenant demand strong, but landlord instructions dropped sharply (-37%, steepest since April 2020), keeping supply tight. Rents expected to rise further (+27% balance for next 3 months).
