The net balance for new buyer enquiries slipped further to -19% for September, marking the third successive month of decline.

Agreed sales posted a -16% net balance, indicating a continued slowdown despite a slight improvement from August’s -24%.

Forward-looking sentiment suggests this muted picture is likely to persist into early 2026.

The survey pointed to a downward pressure on house prices: The national price balance of -15% points to modest downward movement, with the South East and East Anglia experiencing the sharpest declines.

Regional divergence persists: Scotland and Northern Ireland remain outliers, continuing to see modest price gains.

New vendor instructions recorded a -15% balance, the second consecutive monthly drop, signalling a cooling in supply.

Rental market tightened further: tenant demand was broadly flat (-1%), while landlord instructions dropped sharply to -38%, the lowest since May 2020. Rents are expected to rise by around 3% over the next year.

Across the rental market, the imbalance between demand and supply remains acute. Landlords continue to exit the sector amid ongoing regulatory changes and cost pressures. As a result, rents are projected to rise steadily through 2026, exacerbating affordability challenges for tenants.

Surveyors across the country cited concerns over the upcoming November Budget, which many expect to include further property-related taxation. Respondents reported growing caution among buyers and sellers, with affordability and sentiment acting as key constraints.

Commenting on the latest numbers Rics head of market research & analytics, Tarrant Parsons, said: “The housing market continues to struggle for momentum, with seemingly no clear catalyst on the horizon to spark a turnaround over the near-term.”

He added: “Buyer demand remains subdued, while agreed sales are still on a downward trend, reflecting a broader hesitancy in the market. Ongoing uncertainty around potential measures in the upcoming Budget is also likely adding to the prevailing cautious sentiment.”

former RICS residential chairman and London estate agent Jeremy Leaf said: “New buyer enquiries, agreed sales, listings and prices are all continuing to soften – but not correct.

“The prospect of higher – not just for property – taxes in the Budget is compromising confidence other than for those who are particularly motivated to move.  Looking forward, we see little likelihood of change at least until after the end of November. However, in similar circumstances previously, we have often found the weaker the uncertainty, the stronger the recovery.”

MT Finance director Tomer Aboody said: “With constant negativity surrounding the upcoming Budget, both buyers and sellers alike are either biding their time to see what materialises, or are trying to be active but at lower asking prices.”

He added that with Kemi Badenoch announcing that a new Conservative government would axe stamp duty on primary residential purchases, this might possibly persuade Rachel Reeves that stamp duty was a huge barrier to the market and could be reduced or potentially restructured?