By Ray Smith FRICS
Senior Officer & Business Leader
Subdued property market persists in autumn 2025, says RICS
As autumn settles in, the UK property market remains subdued, with the latest RICS Residential Market Survey (October 2025) confirming that both buyer demand and sales activity are flat and remain in negative territory. It’s been reported that there is a general sense of caution amongst homeowners, caused by uncertainty around tax raising measures in the upcoming Autumn Budget.
“In a slower market, accurate advice becomes more valuable than ever. Our role as Chartered Surveyors is to help clients see past short-term uncertainty and make informed, confident decisions about their properties. Whether that’s understanding true market value, planning essential works, or navigating changing lending conditions, professional guidance really matters when every percentage point counts.”
Says Ray Smith, FRICS – Senior Officer & Business Leader
Residential property market
Buyer demand and sales activity
New instructions recorded a net balance of –20%, down a furth 5% on last month, signalling a slowdown in new property listings and residential sales. This marks the third consecutive negative reading following more than a year of steady growth, suggesting that potential sellers are adopting a wait-and-see approach amid ongoing uncertainty and upcoming Autumn Budget.
Fewer appraisals means fewer property listings, and marks a trend that will further limit supply and persist through the remainder of 2025 and into 2026.
Market appraisals sit at -37%, pointing to a much quieter pipeline heading into the winter months, and running comfortably lower than they were only 12 months ago. This indicates that demand has weakened even further, as the downward trend becomes firmly established across most parts of the UK.
Prices drift lower
The house-price balance stands at –19%, down a further 4% on September’s figures. This aggregate level implies that there is now a downward pressure on house prices.
Regionally, the downward trend is most pronounced in the South East, London and East Anglia. The regional contrasts are highlighting how uneven the market is across the UK, with local conditions playing a key role in any short-term resilience.
Lettings market
Tight supply persists
Across the rental sector, tenant demand remains flat, showing a net balance this month of –4% (a drop from +5% and +13% in the previous two quarters). Landlord instructions continue to decline and on a downward trend (–33%), with the three months leading into October the weakest since April 2020. The imbalance between supply and demand seems to signify that rental prices will rise over the next quarter.
Looking ahead
With fiscal uncertainty surrounding the Autumn Budget, interest-rate expectations fluctuating, and inflation still above target, its predicted that the market backdrop will likely not change materially before year-end. That said, the groundwork for stability is slowly forming. Once monetary policy steadies and consumer confidence improves, we could see a gentle recovery emerging through 2026. With the Autumn Budget scheduled for 26th November, the outcomes will soon be revealed.
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Whether you’re considering your first home or a seasoned investor, you can rely on Watsons to support your property journey amidst these market challenges with confidence. Our team are trained to the highest industry standards, regularly review authoritative sources, and are equipped with decades of local knowledge.
To find out more about our property services and support, contact us today:
- Survey & Valuation: survey@watsons-property.co.uk
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