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.