The results of the June 2023 RICS UK Residential Survey point to a renewed deterioration in sales market activity. This is on the back of the recent escalation in interest rate expectations. Indeed, as borrowing costs increased, many of the survey’s indicators fell deeper into negative territory this month, albeit most metrics remain at least somewhat above the lows hit towards the end of last year. With respect to new buyer enquiries, the national net balance slipped to -45% in June, down from a reading of -20% last month. As such, this marks an eight month low for the buyer demand series. When disaggregated, ... (full story)