Residential property values declined through much of the United Kingdom for the first time in over a year, according to the Royal Institution of Chartered Surveyors (RICS). Ian Perry, representing RICS, noted that the reason behind the decline is related to an increase in the supply of properties for sale, as well as a much more cautious approach to buying, on the part of many Britons.
Many potential buyers are fearful of the possibility of another economic slowdown this year and as such, property prices may continue to slip in the coming months.
But Trevor Kent, once the head of the National Association of Estate Agents, now points out that homeowners and landlords must be careful when examining national statistics on the residential property sector and avoid attaching too much importance to them. There are very significant discrepancies from one region to another. Kent added that just as how “all politics are local,” property values are also based on local realities.
Kent noted that many residential property owners in the UK must be bewildered to hear so much about the supposed recovery over the past year. While property prices in England’s south east, in much of London and even in the North’s Cheshire increased markedly, the improvement was far less pronounced and even non-existent in other parts of the country.
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