The latest, June 2024, UK Residential Market 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.

Notwithstanding this, forward-looking sentiment has improved in the latest results. Indeed, a net balance of +20% of respondents now foresee residential sales volumes recovering over the next three months. This is up from a reading of +10% last month and does in fact represent the most upbeat figure for the near-term sales expectations indicator since January 2022.