According to the latest figures from the Royal Institution of Chartered Surveyors (RICS), buyer enquiries and agreed sales both declined during April, with surveyors reporting weaker momentum across large parts of the country.
Southern England and London continue to show the greatest signs of strain, where affordability pressures remain highest.
Estate agents are increasingly linking this slowdown to wider economic uncertainty, particularly around inflation, interest rates and the knock-on effects of ongoing geopolitical tensions in the Middle East. Concerns over energy prices and borrowing costs continue to weigh on confidence.
Buyer demand remained in negative territory during the month, with new buyer enquiries recording a net balance of -34%, compared with -40% in March. Agreed sales also remained weak at -36%, according to the survey of chartered surveyors.
Regional price variations
House prices came under increased pressure during April, with the headline RICS house price balance falling to -34%, down from -25% the previous month. Surveyors reported the sharpest weakness in London, the South East, East Anglia and the South West. In contrast, parts of the North West, the North of England, Scotland and Northern Ireland continued to record more resilient pricing trends.
The regional divergence highlights the affordability challenges facing buyers in southern England, where property prices remain significantly higher relative to local incomes. This comes as recent data shows 44% of UK homes listed for sale fail to find buyers, indicating broader market challenges.
Market outlook remains cautious
Surveyors reported a cautious outlook for the months ahead. Short-term sales expectations remained negative at -32%, while the twelve-month outlook slipped slightly below neutral, suggesting many agents expect market conditions to remain flat for much of the year.
House Prices continue to show resilience
House prices have continued to show resilience in the face of an uncertain market, with prices remaining largely stable, although annual growth has eased, according to Halifax’s April house price index.
Average house prices edged down 0.1% in April to £299,313 after a 0.5% fall in March, while annual growth slowed to 0.4% compared to 0.8% in March.
At 7.6% annual house price growth (to £224,851), Northern Ireland continues to lead the UK, but Scotland also witnessed strong annual price growth, up 4.0% to £222,448.
Wales grew only 0.7% to £230,952. In England, the north performed the strongest, with prices up 4.5% in the northeast and 3.4% in the northwest, while in the southeast they were down 2.0% year‑on‑year and down 1.4% in London.
Stable prices prove helpful for investors
Amanda Bryden, head of mortgages at Halifax, said that the overall resilience of prices was good news for those looking to invest. “A slower pace of house price growth may be disappointing news for existing homeowners. However, for those looking to step onto the property ladder, stable prices are helpful, even if higher mortgage rates mean affordability remains stretched.
The market was particularly attractive for first-time buyers, for who average prices had fallen slightly to £238,908, the lowest level so far this year."
Foxtons CEO Guy Gittins agreed the news was encouraging for buyers. “A very marginal monthly dip in house prices is unlikely to cause concern. At Foxtons, demand was up in April and we’re confident the recent decision to hold the base rate will provide further reassurance to buyers about the overall resilience of the UK property market.”
Verona Frankish, CEO of Yopa, said the latest results showed “a clear sign that buyer appetite remains strong, particularly amongst those who have adapted to higher borrowing costs and are now keen to press on with their move.”
Meanwhile, Marc von Grundherr, director of Benham and Reeves, said the news was also encouraging – even for the capital. “Buyer demand across London has remained consistent and, with mortgage rates continuing to improve, we expect confidence to strengthen further as we move through the summer market.”
However, Tom Bill, head of UK residential research at Knight Frank, said "longer-term challenges could be evident, the recent spike in mortgage rates will only put gradual downwards pressure on house prices as more favourable offers that pre-date the Middle East conflict take several months to lapse. It means some buyers are keen to complete, while others have seen their spending power reduced.
We expect house prices to begin falling in the coming months, but modest growth to return by the end of the year. However, that will depend on how long the conflict lasts, to what extent it escalates and how the government responds to the economic shock.”
First-time buyers held back
Key drivers ruling themselves out of the housing market because of misconceptions over size of deposits, says MAB’s Rachel Geddes.
Many aspiring first-time buyers are delaying purchases unnecessarily because they wrongly believe they need much larger deposits to buy a home, according to new research from Mortgage Advice Bureau (MAB).
The broker’s survey of renters planning to buy in 2026 suggests misconceptions around upfront costs could be suppressing buyer activity just as lenders are expanding their low-deposit mortgage products.
Research found that 39% believe a deposit of at least 10% is required, while only half correctly identified 5% as the typical minimum required deposit.
Awareness of alternative routes into homeownership also remains low. Around 73% were unaware of 95% loan-to-value mortgages, 80% had not heard of track-record mortgages, and 70% were unaware of the full range of family-assisted options available
Rachel Geddes, Strategic Lender Relationship Director at Mortgage Advice Bureau, said “for many aspiring homeowners, the biggest barrier isn’t always the reality of the deposit required, it’s what they believe that number needs to be.
What this research shows is that a large proportion of buyers are making decisions based on assumptions, particularly around how much they need to save before they can even consider buying.”
The findings also suggest many prospective buyers may be ruling themselves out before fully exploring the options available to them. Although 27% said saving for a deposit was their biggest obstacle, another 31% said they did not know how to get started.
Geddes added “with a wide range of low-deposit and alternative mortgage options now available, understanding the different routes to homeownership is crucial.”