What is the UK Residential Market Survey?

The UK Residential Market Survey is used by the government, the Bank of England and other key institutions, including the IMF, as an indicator of current and future conditions in UK residential sales and lettings. It is covered extensively in the media and is the leading source of market intelligence, highly regarded both by investors and across the industry.

The August 2024 RICS Residential Survey results show an improvement in sales market activity over the month, supported by the recent (modest) softening in mortgage interest rates. Moreover, respondents foresee the market gradually gaining further impetus moving forward, even if the near-term outlook for monetary policy remains relatively tight compared to much of the post global financial crisis era.

Headlines:

• New buyer demand rises noticeably over the month

• Number of sales agreed also improves, with near-term expectations pointing to further growth

• National house price indicator moves out of negative territory.