London buyers see modest demand lift but price pressure persists
RICS data shows fewer professionals reporting falling inquiries while Rightmove records a 5% year‑on‑year demand rise in early September
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The Royal Institution of Chartered Surveyors released its August property market survey on 29 July 2026, noting that 19% of surveyed professionals recorded a drop in new buyer enquiries. That figure marks the least negative reading since the start of the year, according to The Standard. At the same time, the institute said 28% of respondents reported house‑price declines, a modest improvement from the 29% recorded in July. The data covers the whole of England and Wales, but the report highlighted that London’s price balance stayed more negative than the national average.
What the RICS figures mean for London buyers
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For London residents, the softened decline in buyer enquiries suggests a tentative stabilisation of demand, yet the continued predominance of price‑fall reports signals ongoing affordability challenges. RICS head of market research and analysis Tarrant Parsons told The Standard that “August’s results show a market that is gradually finding its footing, with key activity indicators having become progressively less negative over recent months.” He added that the recovery remains fragile because borrowing costs and upcoming fiscal decisions could shift sentiment quickly.
Rightmove’s early‑September bounce
Property portal Rightmove released its own early‑September snapshot, stating that buyer demand rose 5% year‑on‑year between 1 and 5 September. The figure was measured by the number of unique enquirers to listings, as explained by Rightmove in the same Standard article. Colleen Babcock, a property expert at Rightmove, said the “back‑to‑school bounce is a welcome sign after a summer that brought the usual holiday distractions alongside several spells of exceptionally hot weather.” The rise outpaces the five‑year average increase of 0.4% for the same period.
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August’s results show a market that is gradually finding its footing, with key activity indicators having become progressively less negative over recent months.
Tarrant Parsons, RICS head of market research and analysis
London homeowners should interpret the data as a sign that demand is edging up, but price pressures are unlikely to ease soon. The RICS survey suggests that while fewer agents are seeing enquiries fall, the majority still expect price declines. Potential buyers may find slightly more listings available, yet competition could remain stiff in popular boroughs. Residents who are planning to sell should monitor mortgage‑rate developments and the upcoming October budget, as those factors could influence whether the market moves into genuine growth.
Questions this report answers
+What did the RICS report say about buyer enquiries in August?
RICS said a net balance of 19% of property professionals observed a fall in new buyer enquiries during August, the smallest negative reading since January, as reported by The Standard. This suggests a slight easing of demand pressure.
+How did house‑price expectations change in August compared with July?
The RICS survey indicated that 28% of professionals saw house‑price falls in August, down from 29% in July. The improvement points to a modest reduction in downward price pressure, though the balance remains negative for London.
+What did Rightmove report about buyer demand in early September?
Rightmove reported a 5% year‑on‑year increase in buyer demand between 1 and 5 September, measured by unique enquiries to listings. The rise is far above the five‑year average increase of 0.4% for the same period, according to The Standard.
+What does this data mean for London residents looking to buy or sell?
The figures suggest demand is beginning to recover while price‑fall expectations have eased slightly. Buyers may encounter a marginally larger pool of listings, but price pressure remains, especially in London. Sellers should watch mortgage‑rate trends and the October budget for signs of further market movement.
News London Desk
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