Property Market Update: Still in Cruise Control – But for How Long?
The housing market’s still ticking along, but not exactly sprinting. Buyer demand’s dipped, listings are thinning out, and all eyes are on the November Budget. Here’s what’s really happening right now - and what it could mean for home movers in the South East.
The latest RICS market survey paints a familiar picture for September - a market still moving, but not exactly racing ahead. Buyer demand, agreed sales and new listings all remain in the red for the third month in a row, suggesting we’re likely to see a steady, rather than spectacular, start to the new year.
Here’s a quick breakdown of what’s happening:
Buyer demand is slipping: Interest from new buyers fell again, with surveyors reporting a -19% balance overall.
Sales are slowing: Agreed sales came in at -16%, a slight improvement on August but still pointing to a quieter market.
Prices edging down: The overall house price balance sits at -15%, with the South East and East Anglia seeing the sharpest drops.
Some regions bucking the trend: Scotland and Northern Ireland continue to show small price gains - a reminder that the market isn’t moving at one speed across the UK.
Fewer homes coming to market: New listings fell for the second month running, with a -15% reading for September.
Rental market under strain: Landlord instructions dropped sharply to -38%, the lowest since mid-2020. Tenant demand is flat, but with fewer properties available, rents are expected to rise by roughly 3% over the next year.
So, what does that mean for you?
Right now, the market is still balanced in favour of buyers - more cautious activity, fewer new listings, and a general wait-and-see attitude as everyone keeps an eye on the upcoming November Budget. Surveyors are already warning that any new property taxes could dampen confidence further in the short term.
That said, there’s a flicker of optimism. While short-term sentiment remains negative, a net balance of +12% of professionals expect prices to rise again over the next 12 months.
As Tarrant Parsons from RICS summed it up: “The housing market continues to struggle for momentum, with no clear catalyst on the horizon.”
At The Property Cloud, we’re seeing much the same on the ground across Bexleyheath, Welling, Dartford and the wider South East - slower decision-making, but still plenty of motivated buyers out there when a property is priced and presented right. The truth? Good homes are still selling, but correct pricing & exceptional marketing, matters more than ever.