The RICS UK Residential Market Survey showed that the house price balance declined to -12% in February 2026 from -10% in January, marking the first fall in four months and undershooting market expectations for an improvement to -9%. Respondents in London (-40%), the South East (-24%), and East Anglia (-26%) reported more pronounced downward pressure than the national average. By contrast, Northern Ireland and Scotland continue to see rising prices, with the North West of England also recording gains.
Looking ahead, near-term headline price expectations have slipped back into negative territory, with the aggregate net balance weakening to -18% from -6%. Over a twelve-month horizon, a net balance of +33% of contributors still expect house prices to edge higher, although this is down from +43% in the previous month. The shift in sentiment is particularly striking in London, where the twelve-month expectations net balance has dropped sharply to +7% from +56% previously.
