The November 2025 UK Residential Market Survey from RICS found the residential market stayed subdued, with buyer demand and sales activity still negative.
Demand for new buyers dropped by 32% for new enquiries, the lowest since late 2023.
Most parts of the UK showed a negative trend in buyer interest.
For agreed sales, the net balance was down by 23%, almost the same as last month, showing sales activity continued to fall.
Over the next three months, sales expectations slipped by 6%, down slightly from 3% last month, suggesting a flat outlook.
Looking over the next year, a net balance of respondents expected sales volumes to pick up by 15%, up from 7% last month.
On supply, new instructions dropped by 19%, close to last month’s figure, which points to a slowdown in properties being listed.
Market appraisals were also lower, slipping by 40%, down for the fourth month in a row.
House prices kept falling gently, with the net balance dropping by 16% in November.
This was slightly less negative than last month’s 19%, which may mean the trend is flattening.
In London, the net balance dropped by 44%, the lowest in the UK, with the new tax on higher-value homes in the Budget likely putting extra pressure on the capital.
Northern Ireland and Scotland continued to show an upward trend in prices.
Price expectations for the next three months stayed mostly the same, with a national net balance dropping by 15%.
Looking further out, the twelve-month series moved up, with most expecting house prices to rise by 24%, the strongest result since June.
East Anglia was an exception, with expectations more restrained.
In lettings, tenant demand dropped by 22%, the lowest since April 2020.
Landlord instructions stayed negative, dropping by 39%.
Over the year, respondents projected a 2.5% rise in rents, just below the 3% average seen over the past six months.
