UK housing market stays muted but optimism builds, RICS survey shows

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LONDON (Reuters) – Britain’s housing market remained soft in June but surveyors were more positive about the outlook following this month’s parliamentary elections and with interest rates likely to fall, a survey showed on Thursday.

The Royal Institution of Chartered Surveyors’ monthly net balance of house prices held at -17, marking the joint lowest reading since January.

“Although activity across the housing market remained subdued last month, forward-looking aspects did improve slightly,” Tarrant Parsons, RICS senior economist, said.

A combination of the expected fall in borrowing costs and a greater emphasis on house-building by the new government of Prime Minister Keir Starmer boded well for the sector, he said.

The RICS survey pointed to the highest level of sales expectations over the next three months since January 2022.