The RICS UK Residential Market Survey house price balance, which measures the gap between the percentage of respondents seeing rises and falls in house prices, dropped to -48 in February 2023 from -46 in January, the lowest since April 2009, as higher borrowing costs and a surge in the cost of living dampened demand and deterred would-be buyers. February’s figure also marked the fifth straight month of negative readings, though it came in slightly better than expectations of -49. Tarrant Parsons, a senior economist at RICS, said: “Given the ongoing weakness in demand, house prices remain on a downward trajectory and are expected to see further falls through the first half of the year at least.” Looking at the year ahead, RICS’s balance for price expectations rose from January but remained in negative territory. source: Royal Institution of Chartered Surveyors (RICS)

RICS House Price Balance in the United Kingdom averaged 16.40 percent from 1978 until 2023, reaching an all time high of 100.00 percent in January of 1978 and a record low of -92.32 percent in April of 2008. This page includes a chart with historical data for the United Kingdom RICS House Price Balance. United Kingdom RICS House Price Balance - data, historical chart, forecasts and calendar of releases - was last updated on March of 2023.

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United Kingdom RICS House Price Balance



Calendar GMT Actual Previous Consensus TEForecast
2023-02-09 12:01 AM Jan -47% -42% -50
2023-03-09 12:01 AM Feb -48% -46% -49% -53.0%
2023-04-12 11:01 PM Mar

United Kingdom RICS House Price Balance
The Royal Institution of Chartered Surveyors (RICS) House Price Balance measures the percentage of surveyors reporting a house price rise in their designated area, minus those reporting a fall. A level above 0% indicates more surveyors reported a rise in prices; below indicates more reported a fall.
Actual Previous Highest Lowest Dates Unit Frequency
-48.00 -46.00 100.00 -92.32 1978 - 2023 percent Monthly

News Stream
UK House Price Balance Hits 14-Year Low
The RICS UK Residential Market Survey house price balance, which measures the gap between the percentage of respondents seeing rises and falls in house prices, dropped to -48 in February 2023 from -46 in January, the lowest since April 2009, as higher borrowing costs and a surge in the cost of living dampened demand and deterred would-be buyers. February’s figure also marked the fifth straight month of negative readings, though it came in slightly better than expectations of -49. Tarrant Parsons, a senior economist at RICS, said: “Given the ongoing weakness in demand, house prices remain on a downward trajectory and are expected to see further falls through the first half of the year at least.” Looking at the year ahead, RICS’s balance for price expectations rose from January but remained in negative territory.
2023-03-09
UK House Price Balance Hits Near 14-Year Low
The RICS UK Residential Market Survey house price balance, which measures the gap between the percentage of respondents seeing rises and falls in house prices, declined to -47 in January 2023 from -42 in December, posting the lowest reading since April 2009 as higher borrowing costs and economic uncertainties dampened buyer demand and sales activity. January’s figure also marked the fourth straight month of negative reading. Simon Rubinsohn, chief economist at RICS, said the overall mood of the market remained subdued, but voiced doubts about further downside to house prices as the Bank of England and other institutions’ macro forecasts “are now envisaging a less harsh economic environment this year.” Last week, the BoE said the British economy would likely fall into recession from early 2023 to 2024, a shorter period of contractions than previous forecasts.
2023-02-09
UK House Price Balance Hits 12-Year Low
The RICS UK Residential Market Survey showed a -42% net balance of respondents, indicating the lowest increase in house prices in December 2022 since October 2010, as higher borrowing costs and economic uncertainties dampened buyer demand and sales activity. December's figure also marked the third month of negative readings, below the forecasts of a -30% net balance. Prices fell across all regions, with East Anglia and the South East reporting the sharpest declines. Furthermore, agreed sales continued to weaken, new buyer enquiries fell marginally, and the number of people putting their houses up for sale was the weakest since September 2021. Simon Rubinsohn, the chief economist at RICS, said the survey "highlights challenges in the housing market as new buyers grapple with more costly finance terms and uncertainty over the outlook of the economy."
2023-01-19