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UK Property Market Remains Fragile with Landlords Reducing Rental Supply
Current Trends and Market Influences in the UK Housing Sector
LONDON, June 11 (Reuters) – Britain’s housing market remained in the doldrums last month despite a hint that buyers might be recovering a bit of interest, a survey showed on Thursday.
The Royal Institution of Chartered Surveyors said the possibility of interest rate increases by the Bank of England, which is trying to assess the longer-term inflation risks from the Iran war, was likely to weigh on the market for now.
Rental Market Developments
The survey also showed landlords offered fewer rental properties in May when new protections for tenants were introduced.
Key Survey Findings
RICS said:
Buyer and Seller Activity
• A measure of new buyer enquiries was unchanged at -34% although it was the first time since January that it did not move further into negative territory
• A reading of -37% for agreed sales was similarly weak but also unchanged
House Price Movements
• The survey’s measure of house prices held at -35% for the second month in a row, the broadest fall in house prices since November 2023
Sales and Price Expectations
• Near-term sales expectations edged up to -25% from below -30% in the previous two months and over the 12-month horizon, sales expectations rose to +2% with price expectations following a similar pattern
Rental Market Metrics
• In the rental market, tenant demand rose but landlord instructions were the weakest since December last year at -28%. Rent expectations strengthened to +36%, the highest reading since May 2025
Market Sentiment
• Tarrant Parsons, RICS head of market research and analysis, said the possibility of higher interest means market sentiment was likely to remain fragile
(Writing by William Schomberg; editing by Suban Abdulla)