The UK housing market remained subdued in May 2026, although the pace of decline appears to be stabilising, according to the latest Residential Market Survey from RICS.

New buyer enquiries held steady at a net balance of -34%, marking the first month since January that demand has not weakened further. Agreed sales also remained unchanged at -37%, suggesting that while activity remains subdued, the downturn is no longer intensifying.

House prices continued to edge lower, with the headline price indicator remaining at -35% for the second consecutive month. Surveyors in the South East and East Anglia reported the greatest downward pressure on prices, while Northern Ireland continued to record stronger growth.

Tarrant Parsons, RICS Head of Market Research and Analysis, said: “The latest survey data suggest the recent downturn in activity may be beginning to stabilise, with several key indicators broadly holding steady. However, as they remain in negative territory, it would be premature to interpret this as the start of a recovery.

“The prospect of further rate rises cannot be dismissed, and until there is greater clarity, market sentiment is likely to remain fragile.”

The market is also taking longer to move, with the average time from listing to completion reaching 21.5 weeks – the longest since records began in 2017.

Meanwhile, pressures in the rental market continue to build. Tenant demand strengthened, with a net balance of +14% of respondents reporting an increase, while landlord instructions remained firmly negative at -28%. Expectations for rents also rose to +36%, the highest level since May last year.

The findings suggest that while housing activity remains weak, supply constraints in the rental market continue to underpin expectations for further rent rises.