UK property prices fall slightly, but Surrey remains a buoyant market
There has been a great deal of publicity about overall property prices in the media in recent weeks, with several newspapers trumpeting the fact that we have seen a decrease nationally for the first time in a couple of years. While the figures are interesting, as is often the case the papers have relied on a simplified version of the true facts.
The reason for the overall price drop is an unusual one, in that the averages fell because house prices in London, so often a barometer for the rest of the country, were on the downturn. Given the fact that prices in the capital have become almost out of control in the past, a small downturn is perhaps not surprising at all.
Here in Surrey, house values have been steadily increasing for some time, and they remain healthy and buoyant, even in the run-up to a General Election. At James Neave, we have a wonderful selection of houses for sale in Walton-on-Thames and the surrounding area, and we expect 2017 to continue to see a small but steady growth.
Losing on the swings but gaining on the roundabouts
Several regions of the UK have seen prices still increasing, despite the focus on the situation in London. In Wales, the West Midlands and various regions of Scotland, property values have seen a noticeable rise, but the capital’s price drop has affected the overall picture.
One of the reasons for the stability that Surrey has been showing over the years lies in the desirability of the county. Commuter links into the capital are extremely good, schools in the area are excellent, and of course there are a great many pretty market towns which remain as popular as ever with both residents and incoming buyers. Houses and flats in Surrey are always in great demand, and there is no reason to suspect this will change in the foreseeable future.
While the announcement of a snap General Election will have an overall effect on the property market in the UK, albeit only a small one, here in Surrey we have noticed virtually no change at all. If there are potential buyers waiting to sell later in the year, there are others who are keen to carry on regardless. Announcements of a slight fall in property prices around the UK should take into account the understanding that regional variations indicate very little has changed.