The short answer
Buyer demand weakened in September, with RICS surveyors pointing to a fresh headwind from higher interest rate expectations. The Budget on 28 October and the Bank of England decision on 5 November are the next two events to watch.
What RICS found
The RICS UK Residential Market Survey for September 2026 showed new buyer enquiries at a net balance of minus 22%, down from minus 18% in August. It was the first monthly fall since March. The house price balance fell to minus 32%, from minus 8% a month earlier, and agreed sales were at minus 18%, down from minus 16%.
RICS head of market research Tarrant Parsons said a renewed rise in interest rate expectations had created a fresh headwind for the housing market. A negative net balance means more surveyors reported falls than rises.
Two dates to watch
The Autumn Budget is on Wednesday 28 October 2026, delivered by Chancellor John Healey. The Bank of England announces its next Bank Rate decision on Thursday 5 November 2026, alongside a new Monetary Policy Report.
Nobody knows what either will bring, so it is sensible to plan for more than one outcome rather than waiting for certainty.
If you are buying
Get a mortgage agreement in principle so you know your budget, and check how the monthly cost changes at different rates. A mortgage offer is usually valid for several months, so securing a deal does not mean you have to complete straight away.
If you are selling
With buyer demand softer, a realistic asking price based on recent local sales matters. Buyers are watching their monthly costs closely.
If you are remortgaging
If your current deal ends in the next six months or so, you can usually start looking now. Many lenders let you secure a new rate in advance, and some let you swap to a better one if rates fall before it starts. If you are already on your lender's standard variable rate, it is worth checking what else is available.
What you can do now
Book a free chat and we will compare the market for your situation, whatever the Budget or the Bank of England decides.
Sources
RICS UK Residential Market Survey, September 2026: RICS.
Budget date and Chancellor: Bloomberg Government.
Bank of England next decision date: Mortgage One Finance summary.
This article is general information, not personal advice. Your home may be repossessed if you do not keep up repayments on a mortgage or other loan secured on it.