RICS says new buyer enquiries stayed at -29 percent in June and agreed sales at -32 percent, with domestic political uncertainty adding another headwind just as an incoming prime minister inherits a fragile housing market.
The June 2026 RICS residential survey said activity was still subdued even though the recent downturn may be easing at the margin. For landlords, the more important point was that sales stayed weak while the supply pipeline thinned again and lettings demand picked up.
That combination matters because it keeps pressure on the private rented sector while giving the next prime minister an immediate housing test. If buyer demand remains soft and fewer homes come to market, ministers face a harder task on affordability, mobility and supply at the same time.
RICS says sales are still weak even as the slide slows
RICS said its headline gauge of new buyer enquiries improved only slightly from the previous month, while agreed sales also remained firmly negative. Near-term sales expectations improved to -16 percent from a recent March low of -34 percent, but respondents were still not signalling a genuine turnaround.
The survey also showed new instructions to sell falling to -23 percent, the weakest reading in more than a year. Market appraisals slipped to -22 percent, suggesting the pipeline of fresh stock is thinning rather than rebuilding.
This follows Landlord Knowledge’s recent report on RICS saying June tenant demand rose while landlord supply stayed tight, which already pointed to a rental market under strain. The latest sales-side readings reinforce that picture from the other direction: buyer momentum is still weak, but supply is not improving enough to ease wider pressure.
Why this matters for landlords and the next PM
RICS said domestic political uncertainty was emerging as another drag on sentiment. That leaves the incoming prime minister facing a housing market where sales momentum is weak, prices are still under modest downward pressure and the lettings market remains structurally tight.
Nathan Emerson, chief executive of Propertymark, said in a separate market comment that political uncertainty was adding to the many distractions facing summer buyers, while realistically priced homes were still attracting interest and many purchasers were simply taking longer to make decisions.
For landlords, that does not automatically mean an easier market. A softer sales market can limit disposal options and slow purchase decisions, while constrained rental supply still supports rent growth and keeps tenant competition elevated.
The RICS survey said tenant demand posted a net balance of +18 percent in June, while new landlord instructions stayed negative at -18 percent. Against that imbalance, near-term rental expectations still pointed to further rent rises, with twelve-month rental growth projected at around 2.5 percent on a three-month moving average basis.
There is also a policy angle. If the next prime minister wants to make an early housing intervention, the RICS data offers a clear starting point: weak transactions, thin new listings and a rental market still short of supply. That is not a backdrop that fixes itself quickly.
What landlords should watch now
Landlords weighing purchases, disposals or refinancing should watch whether the recent easing in the downturn develops into something firmer over the summer. For now, RICS is describing stabilisation rather than recovery.
- Buyer demand: still weak at -29 percent in June
- Agreed sales: still weak at -32 percent
- New instructions to sell: down to -23 percent, the weakest in over a year
- Tenant demand: up to +18 percent, with landlord supply still constrained
The primary data appears in the RICS UK Residential Market Survey for June 2026. For landlords, the immediate lesson is that a change at the top of government does not remove the supply squeeze or revive market activity overnight.
Editor’s view
The new prime minister may get a short political honeymoon, but the housing market will not. RICS is still describing weak demand, weak sales and tight rental supply. For landlords, that means the same pressures remain in place even if Westminster’s names change.
Author: Editorial Team – UK landlord & buy-to-let news, policy, and finance
Published: 20 July 2026
Sources: RICS
Related reading: RICS says June tenant demand rose as landlord supply stayed tight
