RICS Reports Stabilization in Declining UK Housing Market

The Royal Institution of Chartered Surveyors reported in June 2026 that the downturn in the UK housing market may be stabilizing. May data indicated that while buyer inquiries and agreed sales continued to fall, the pace of decline stopped intensifying for the first time since January. The house price balance remained unchanged from April at -35 percent, though short-term price expectations dipped to -45 percent.

Despite the stabilization, the market faces significant headwinds. The average time from listing to completion reached a record high of 21.5 weeks, and new instructions fell to -8 percent in May, leaving the listing pipeline constrained. Regional disparities remain evident, with price growth in Northern Ireland contrasting with downward pressure in East Anglia and the South East. However, the one-year price outlook improved to +6 percent, suggesting a potential recovery within twelve months.

Parallel data from Zoopla showed that UK rents for new lets rose by 2.1% in the year to April. This growth was more pronounced in lower-cost areas, where rents are £750 per month or less, seeing a 5% increase. Rent inflation in major cities has become more subdued as affordability levels for renters reach their limits.