Are UK house prices falling in 2026? What the new data shows
Published 11 June 2026 · 5 min read · By Evren Ergin
On 11 June 2026 the Royal Institution of Chartered Surveyors (RICS) reported that far more surveyors are still seeing house prices fall than rise, with its price gauge stuck at -35% for a second month. Yet the main sold-price indices show prices are still slightly higher than a year ago, so the honest read for sellers is a flat, cautious market, not a crash.
TL;DR
- •RICS, the surveyors' professional body, said on 11 June 2026 that its house price balance held at -35% in May, meaning many more surveyors saw prices fall than rise.
- •The same month, Nationwide put annual price growth at +1.7% and Zoopla at +1.5%, so prices that actually changed hands are still marginally up on the year.
- •Buyer demand stopped falling for the first time since January, but surveyors expect prices to soften a little further over the next three months.
- •For sellers, the lesson is to price to what is genuinely selling near you, not to asking prices or to the gloomiest headline.
On 11 June 2026, RICS published its May residential market survey, the monthly read on what the surveyors who value and sell homes are actually seeing on the ground. The headline was downbeat, but a fuller look at the month's data tells a steadier story.
What did the RICS survey actually say?
RICS is the Royal Institution of Chartered Surveyors, the professional body whose members value and sell property across the UK. Its survey reports a net balance: the share of surveyors reporting a rise minus the share reporting a fall. A reading of -35% does not mean prices fell 35%; it means the balance of opinion tipped firmly towards falling rather than rising.
RICS UK residential market survey, May 2026 (published 11 June 2026)
| Measure | May 2026 net balance | What it means |
|---|---|---|
| House prices | -35% (unchanged from April) | More surveyors saw prices fall than rise, and by a wider margin than the -31% economists forecast. |
| New buyer enquiries | -34% (steadied) | Demand stopped falling for the first time since January, an early sign of a floor. |
| Newly agreed sales | -37% (unchanged) | Fewer sales were agreed than a year ago, so the market is moving slowly. |
| Near-term price expectations | -45% (down from -39%) | Surveyors expect a little more softness over the next three months. |
At a regional level, surveyors in the South East and East Anglia reported greater downward pressure on prices than the national average. Northern parts of the UK have generally held up better.
If surveyors are gloomy, why are prices still up on the year?
Because the RICS survey and a price index measure two different things. The RICS reading is a sentiment survey: it captures how professionals feel about the direction of travel. A house price index measures what homes actually sold or were valued for. The two can point opposite ways for months, and right now they do.
Three readings of the same market, May 2026
| Source | May 2026 reading | What it measures |
|---|---|---|
| Nationwide House Price Index | +1.7% annual growth | Sold prices on mortgages the lender approved |
| Zoopla House Price Index | +1.5% annual growth, demand down 10% | Prices on agreed sales across the market |
| RICS survey | -35% price balance | How surveyors feel prices are moving now |
Read together, they describe a market that is broadly flat: prices a touch above last year, sales slow, and professionals cautious about the months ahead. That is a very different picture from a falling market, and it matters because the two get confused in headlines all the time.
What does this mean if I am selling now?
- Price to comparable sold prices in your street or postcode, not to what neighbours are asking. Asking prices are hopes; sold prices are facts.
- Expect a slower market. Homes are taking longer to sell, so a sensible asking price and good photos do more work than they did a year ago.
- Get more than one valuation. In a flat market the spread between a realistic price and an optimistic one is exactly where sellers lose months.
- Do not chase the gloomiest headline down. Prices are not falling sharply; over-discounting out of fear leaves money on the table.
This is where comparing agents pays off. ValuQ gives UK homeowners free, side-by-side property valuations from competing local estate agents, so you can see a range of evidence-backed prices in one place and choose on merit before you commit to anyone.
What does it mean for buyers?
Buyers have a little more room than a year ago. Demand has eased and sellers are more open to sensible offers, but with prices still slightly up on the year and demand finding a floor, this is not a market where lowball offers win as a rule. Strong, ready buyers are in a good position to negotiate calmly.
Surveyor sentiment tells you the mood. Sold prices tell you the market. Price to the second, not the first.
Sources
- [1]RICS UK Residential Market Survey, May 2026 · 2026-06-11 · https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey
- [2]Trading Economics — UK RICS House Price Balance (May 2026) · 2026-06-11 · https://tradingeconomics.com/united-kingdom/rics-house-price-balance
- [3]Nationwide House Price Index, May 2026 · 2026-06-01 · https://www.nationwidehousepriceindex.co.uk/
- [4]Zoopla House Price Index, May 2026 · 2026-05-28 · https://www.zoopla.co.uk/discover/property-news/house-price-index/
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