RICS have issued their monthly report for February 2026, and surveyors report an encouraging start to the year, although momentum has softened towards the end of the month due to wider global events and political uncertainty. Mortgage rates have begun to edge upwards again and may remain elevated while this uncertainty continues.
New buyer enquiries are down once again, falling to a net balance of -26%, and agreed sales have also declined at -12%. Despite this, respondents expect sales activity to pick up over the coming months, although any recovery is likely to be gradual rather than immediate.
There is little to suggest that the pipeline of property coming to the market has changed significantly from previous months. House prices remain broadly flat, with a net balance of -12%, although in Oakwood’s core area of the North West, prices continue to perform more strongly in contrast to the wider national picture.
The lettings market has seen relatively stable demand over the past quarter, with a modest net balance of +2%. However, landlord instructions remain firmly negative at -27%, highlighting a continued reduction in available rental stock. Surveyors are therefore expecting rents to be pushed higher in the coming quarter.
The Oakwood rental team is already reporting the effects of the Renters’ Rights Act, with some smaller private landlords choosing to divest themselves of property. It is likely that properties becoming vacant in the coming months may not be re-let and will instead be sold. More established or corporate landlords may be well placed to take advantage of strengthening rental values.
If you would like to discuss any aspect of valuation or landlord consultancy, our team would be delighted to help. Please contact us on 0161 941 4228 to speak with a member of the Oakwood team.
