The June 2024 RICS Residential Survey results
continue to point to a relatively subdued market
backdrop at present, with indicators on buyer
demand, sales and prices remaining in slightly
negative territory. That said, despite recent months
showing a softening in momentum, respondents
expectations have now turned a little more
optimistic with regards to the near-term outlook
for sales activity.
At a headline level, the new buyer enquiries
measure posted a net balance reading of -7% in
June, broadly in-line with the figure of -8% returned
last month. As such, this indicator continues to
signal a modest weakening in demand from home
buyers, marking the third month in succession in
which enquiries have reportedly slowed.
At the same time, the newly agreed sales gauge
posted a net balance of -7% this month, marginally
less negative than the reading of -13% seen in
the previous iteration of the survey. These two
downbeat readings following a brief period of
recovery earlier in the year, which looks to have
slipped into reverse of late.