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, fell slightly to -69 in September 2023 from -68 in August, hitting a fresh 14-year low as higher borrowing costs continued to weigh on demand and sales volumes. The latest figure also defied expectations for an improvement to -63. When disaggregated, while almost all parts of the UK are seeing house prices retreat at present, the downward pressure appears most significant across the West Midlands and the South East of England (posting respective net balances of -94% and -91%). In the coming three months, surveyors see further falls although less severe than in recent months, while the 12-month outlook turned positive for the first time since May.
. RICS House Price Balance in the United Kingdom averaged 15.55 percent from 1978 until 2023, reaching an all time high of 100 percent in January of 1978 and a record low of -92.32 percent in April of 2008. 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. This page includes a chart with historical data for the United Kingdom RICS House Price Balance.
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