The October 2019 RICS UK Residential Market Survey continues to show a subdued sales market, with negative readings covering new buyer enquiries, agreed sales and new instructions. Near term expectations for sales over the next three months have improved a little, and a stable trend is now anticipated, potentially indicating a change post-election.

Across the UK as a whole, enquiries from new buyers fell for the second month in succession, with a net balance of -16% of respondents citing a decline. Alongside this, newly agreed sales continued to slip. Looking at the different areas of the UK, sales dipped across virtually all parts apart from Northern Ireland, where contributors noted a marginal increase.

Looking ahead, as the three month sales outlook turned less pessimistic, twelve-month expectations also improved, posting the highest reading in nine months (net balance +23%).

Simon Rubinsohn, RICS chief economist, said: “The latest survey feedback continues to suggest that both buyer and seller activity remains in a holding pattern, hampered by political and economic uncertainty. Given the upcoming general election next month, it appears unlikely that these trends will pick-up to any meaningful extent over the remainder of this year.”