Despite three quarters of the survey responses being gathered after the Budget, November’s RICS survey suggests buyer sentiment fell further in November even though actual housing activity and prices have proved to be more resilient. That may suggest more of the recent weakness in buyer sentiment is due to the subdued economic backdrop rather than pre-Budget jitters. If sentiment doesn’t rebound soon, it would increase the downside risk to our forecast for house prices to rise by 3.5% in the year to Q4 2026.
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