RICS’s latest residential market survey that its members reported a 32% net balance decrease in new buyer enquiries in November, more than the 24% decrease in October, and the weakest reading since late 2023.

The net balance is the proportion of survey respondents that report a rise versus those reporting a fall, so if 30% reported a rise and 5% reported a fall, the net balance will be 25%.

For agreed sales, RICS found a net balance fall of 23% in November, almost flat on October’s decrease of 24%.

RICS said that three-quarters of its latest data was gathered after the Autumn Budget on 26 November 2026.

Uncertainty over how the Budget might affect the housing market caused a dip in buyer and seller confidence in advance of the event.

But the latest RICS survey shows subdued property transactions continuing post-Budget, at least according to its member firms.

However, RICS members think the future looks slightly brighter.

For future sales expectations over the next three months, RICS reported a near-term net balance of -6%, slightly weaker than the previous -3%.

Over the next 12 months, 15% of respondents expected sales to increase, up from the 7% recorded in October.

For houses coming onto the market, RICS found a headline net balance of -19% for November, similar to October’s figure of -20%.

These RICS figures cover England and Wales.

Shawbrook managing director of real estate Emma Cox said: “A decline in buying activity and cooling tenant demand could pose challenges for landlords heading into the New Year.

“With little in the way of incentives or much-needed support for first-time buyers in the recent Budget, this looks set to continue as we close out 2025.

“As a result, professional landlords will likely turn to other, higher yielding asset classes such as HMOs and semi-commercial property, a trend we have seen throughout this year, in order to remain profitable in light of any headwinds.”