More homes for sale, fewer buyers: RICS September 2026

The Royal Institution of Chartered Surveyors (RICS) asks its members every month what they are seeing on the ground. Its readings are net balances: the share of surveyors reporting a rise minus the share reporting a fall. A balance of -22% means more surveyors saw enquiries drop than rise; it does not mean enquiries fell by 22%.

What did the September 2026 RICS survey show?

August's enquiries and agreed sales figures are shown as RICS restated them in the September release. Our August article used the first published readings of -19% and -17%.

Why did buyers pull back in September?

Mortgage costs. Tarrant Parsons, RICS Head of Market Research and Analysis, said "a renewed rise in interest rate expectations has created a fresh headwind" for the market.

The rise is visible in lenders' prices. Moneyfacts put the average two-year fixed rate at 5.97% on 12 October 2026, up from 5.59% a month earlier, and the average five-year fix reached 6.00% on 5 October, its highest since September 2023. The Bank of England held Bank Rate at 3.75% on 17 September; its next decision is on 5 November.

Do the house price indices agree?

All three point the same way: flat to slightly softer, not a fall. The 12-month expectation of 0% is the most useful line for a seller, because it says surveyors see neither a recovery nor a slump coming over the next year.

What does this mean if I'm thinking of selling?

• More homes will be competing for each buyer. New instructions turned positive in the same month that enquiries fell, so buyers have more choice this autumn.
• Price to the evidence from the first day. Rightmove's May 2026 figures showed homes that needed a reduction took 127 days on average to sell, against 36 days for those that did not.
• Your area matters more than the national figure. RICS said London was notably weaker than average while Northern Ireland and Scotland still saw prices rise; Lloyds had the North West up 3.1% and London down 1.5% over the year.
• The Budget on 28 October is the next known event. Reports on 13 October say the mansion tax threshold will stay at £2 million, though the Treasury has not confirmed it, and few sellers could complete before the Budget anyway.
• If you are weighing up renting out instead, tenant demand rose to +23% and three-month rent expectations stood at +37%.

Should I wait until the market picks up?

The survey gives no clear reason to wait for prices. With surveyors' 12-month price expectations at 0%, there is no expected rise to hold out for, and waiting has its own costs if your own plans are moving. The better question is whether the move works for you at today's realistic price.

In a market with more sellers than buyers, the first price is the one that counts.

The way to find that price is to compare several local opinions before choosing anyone. ValuQ gives UK homeowners free, side-by-side property valuations from competing local estate agents. Agents never get your details until you choose, and it is free, always.