RICS: buyer enquiries improve to -29% in June, the least negative reading since February

The RICS June Residential Market Survey, published on 9 July, puts new buyer enquiries at a net balance of -29%, up from -34% in each of the previous two months, with agreed sales edging to -32% from -35%. A second consecutive month of less-negative readings suggests the demand slump driven by higher borrowing costs is bottoming out. For sellers, pricing power has not returned and the price balance remains firmly negative; for buyers, competition is still thin. This is stabilisation, not recovery.