What the October RICS survey means for sellers
Surveyors who value and market British homes expect fewer completed sales and slightly lower prices over the next twelve months. If you are selling in the UK to fund a purchase in Spain, Portugal, Italy or France, the sale is the part of the plan that has slowed.
The RICS UK Residential Market Survey for October 2026, published on 12 November, is the monthly read on the UK housing market from chartered surveyors. It gathered 235 responses covering 443 branches. The detail is in the RICS survey PDF. The survey blames a rise in mortgage rates over recent months, and names geopolitical and energy market developments as a drag on sentiment.
How to read a net balance in this survey
Every headline figure in the report is a net balance. It is the share of respondents reporting a rise minus the share reporting a fall. It tells you how widespread a move is, not how big it is.
So a price balance of -36% does not mean prices fell 36%. It means far more surveyors reported falls than rises. Keep that in mind through the rest of this piece, because the numbers look dramatic and the underlying price moves are much smaller.
| Measure | October 2026 | Previous reading |
|---|---|---|
| New buyer enquiries | -24% | -24% |
| Agreed sales | -24% | -18% |
| New instructions to sell | -8% | +6% |
| Market appraisals | -34% | Not given |
| House prices, past three months | -36% | -34% |
| Year-ahead price expectations | -17% | 0% |
Buyer demand and agreed sales over the month
New buyer enquiries came in at a net balance of -24%, unchanged from the previous reading. Demand is weak but it did not get worse in October.
Agreed sales did get worse. The net balance fell to -24% from -18%, the weakest reading of the past three months. For context, that is still less negative than the second-quarter 2026 average of -33%, so this is a step back within a poor stretch rather than a new low for the year.
Surveyors look ahead too. They expect sales to be weaker over the next three months, with a net balance of -11%. Over twelve months the reading is -17%, the most pessimistic since July 2023.
For a seller, the practical meaning is simple. Fewer buyers are agreeing deals, and the professionals closest to the market do not expect that to improve quickly.
Listings and valuations are cooling as well
Supply is softening alongside demand. New instructions to sell dropped to a net balance of -8%, down from +6% in the previous reading. A month ago more agents were reporting growth in new listings than a fall. Now more report a fall.
Market appraisals, the valuations that usually come before an instruction, stand at -34%. That is the softest reading since November 2025. Fewer owners are asking for a valuation, which suggests some are choosing to wait rather than test the market.
If you are thinking of listing, this cuts both ways. Fewer competing homes can help a well-priced property stand out. Fewer buyers, though, means each viewing matters more.
Where prices are weaker and where they still rise
The price balance for the past three months is -36%, from -34% previously. It has been more negative in each of the past two months.
The regional picture is uneven. Four areas are weaker than the national average on prices:
- London
- East Anglia
- The West Midlands
- The South East of England
Three areas are still seeing prices rise:
- Northern Ireland
- Scotland
- The North West of England
Looking a year ahead, the price expectations balance is -17%, down from a flat zero in the previous reading. The survey translates that into a decline of around 1% in point-estimate terms. That is a modest drop, not a collapse, and it is a surveyors’ expectation rather than a promise.
If your home is in London or the South East, you are in a weaker part of the market than the national picture suggests. If it is in Scotland or the North West, local conditions are better than the headline.
Lettings: tenants returning and rents expected to rise
The rental market points the other way, and the survey is blunt about it. Tenant demand moved to a net balance of +7% from -1% on the quarterly seasonally adjusted series. More surveyors now report rising demand from tenants than falling demand.
New landlord instructions are at -30%, so supply of rental homes is shrinking while demand picks up. Rent expectations for the next three months stand at +41%, up from +29%. That is the strongest reading since early 2024.
This matters if you plan to rent in Britain while you search for a home abroad. Rents are expected to firm, and fewer new rental homes are coming to market. Agree a longer tenancy if you can, rather than assuming you will find a cheap short let later.
It also matters if you are a landlord thinking of selling. Falling instructions suggest some owners are holding back, and rising rent expectations may make keeping a property let more attractive for now.
Practical steps for a British seller funding a move
Start with timing. When agreed sales are weak and the twelve-month outlook is the gloomiest since July 2023, a sale takes longer to complete. Do not exchange on a purchase abroad until you have a firm buyer for your UK home.
Then look at chain risk. A slower market means more deals under pressure and more chances of a link failing. Work through these steps:
- Price your home against recent agreed sales in your area, not against asking prices.
- Ask your agent how many viewings and offers comparable homes have drawn lately.
- Check your buyer’s position early, including mortgage approval and whether they are selling too.
- Decide in advance how much you would accept if a survey leads to a renegotiation.
- Keep your overseas deposit terms flexible, so a delay at home does not put the purchase at risk.
On renegotiation after survey, expect it to come up. With buyers cautious and the survey pointing to lower prices over the year, a buyer who finds a defect may push harder than in a stronger market. Knowing your minimum figure beforehand saves you from a rushed decision.
What buyers abroad and agents on both sides can do
If you are a buyer from outside the UK looking at British property, the regional split is the most useful part of the survey. Prices are weaker than average in London, East Anglia, the West Midlands and the South East, and still rising in Northern Ireland, Scotland and the North West. Where you look will shape what you pay and how much room you have to negotiate.
For British buyers selling at home before they buy in southern Europe, the weaker UK sales market is one more reason to plan the order of events carefully. Estate agents on both sides of the transaction will want to keep sellers and buyers informed about realistic timelines, because a delay in the UK sale can hold up a completion in Spain, Portugal, Italy or France.
Agents in the UK should note that the quieter market puts a premium on accurate pricing and honest advice. Agents abroad should expect some British clients to arrive later in the process, once their home has sold.
What to watch next in the December survey
The next RICS UK Residential Market Survey is embargoed to 10 December 2026. It will show whether agreed sales stabilise after October’s fall, and whether the weak price readings continue into a third month.
It is worth checking the sales and price expectations first, since those drive the twelve-month outlook that has turned so cautious. The lettings figures are worth a look too, to see whether the rise in tenant demand and rent expectations holds. No one can say in advance what the next survey will show, and this piece does not try to.
Questions readers ask about the RICS survey
Does a price balance of -36% mean prices fell 36%?
No. A net balance is the share of surveyors reporting a rise minus the share reporting a fall. It shows how widespread a move is, not its size. The survey’s year-ahead price expectation translates to a decline of around 1%.
Which parts of the UK are doing better than the rest?
Prices are still rising in Northern Ireland, Scotland and the North West of England. London, East Anglia, the West Midlands and the South East of England are weaker than the national average.
When is the next RICS survey due?
The next UK Residential Market Survey is embargoed to 10 December 2026. This piece makes no prediction about what it will show.
