The August 2023 RICS UK Residential Survey results again portray a downbeat market backdrop, as buyer demand and agreed sales continue to fall sharply in the face of higher mortgage rates. Alongside this weakness in activity, house prices remain on a downward trajectory, with the latest survey feedback pointing to an acceleration in the pace of decline through August. Looking at the data on home buyer demand, a headline net balance of -47% of respondents reported a decline in enquiries over the month. This is broadly in-line with the negative results returned for this metric in each of the previous two reports. ... (full story)