The latest sentiment survey by the Royal Institution of Chartered Surveyors (RICS) paints a familiar picture of the lettings market.

RICS’ monthly study does not deal in specific prices but offers broad trends expressed by its members, who are agents and surveyors.

It says that lettings agents reported an increase in tenant demand during September – the third successive month of such a trend.

Alongside this, it says most of the RICS members’ responses show a “subdued” flow of landlord instructions and available homes to let.

Looking ahead, a net balance of +37% of survey respondents anticipate their landlord clients to increase rents by Christmas.

While this is somewhat lower than the +44% recorded in August, it remains comfortably above the +27% average seen during the first half of the year.

In terms of the sales market, RICS members warn of momentum being lost.

Buyer demand remained subdued, agreed sales continued to fall on balance, and the near-term sales outlook moved further into negative territory. 

Despite the setback, conditions remain less downbeat than at the year’s beginning, whilst expectations over the next twelve months point towards a broadly stable market. 

The survey’s new buyer enquiries net balance fell to -22% in September, from -18% in August, marking the first month since March where the indicator weakened. 

Nevertheless, the reading remains significantly stronger than the recent low of -41%, recorded six months ago.

Meanwhile, the agreed sales net balance slipped to -18% from -16%, although this was still less negative than the three-month average of -25%. 

Expectations for sales over the coming three months also softened, with the net balance falling to -6% from -3%. 

There were some tentative signs of increased supply. 

The balance for new sales instructions moved to +6%, the first positive reading since mid-2025, although RICS respondents indicated that market appraisal activity remains below levels seen a year earlier. 

House prices continued to face downward pressure during September. The headline house price net balance fell to -32%, from -28% in August, ending four consecutive months in which the indicator had been becoming progressively less negative.