Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

RICS Survey: UK House Sales and Buyer Enquiries Continue to Fall

House sales and new buyer enquiries in the UK are continuing to fall, according to the May Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS). The survey of valuers found that subdued market conditions persist, with further declines in sales expected in the coming months.

The report states that global events are worsening cost-of-living pressures in the UK, contributing to the ongoing decline in both house sales and buyer enquiries. However, the survey notes that the situation for new buyer enquiries has not worsened over the past month, marking the first time since January that this indicator has not fallen. RICS suggests this could signal the early stages of a more stable market picture.

The pace of decline in house sales is also no longer intensifying, and while house prices continue to fall, the rate of decrease is levelling off. Despite this, further price reductions are anticipated in the coming months.

For letting agents and inventory clerks, these trends may indicate continued subdued activity in the sales market, with potential implications for rental demand and property turnover. The survey highlights that while viewings remain steady and most agreed sales are proceeding, transactions are taking longer to complete.