House prices in the United Kingdom declined in April reversing March's improvement as the positive impacts from stamp duty concession on some properties and mild weather faded, a key survey revealed Tuesday.
The Royal Institute of Chartered Surveyors (RICS) said its house price balance slipped to -19 in April from -11 in March. The March figure was revised downward from the originally reported -10.
London was the only region in the UK to report an increase in house prices, albeit at the slowest rate since mid-2011.
Following the temporary boost in activity owing to expiration of stamp duty concession in March, property sales volume declined in April for the first time since September last year, the survey report said.
"Renewed concerns over the economy and talk of a double-dip recession dominating the headlines in recent weeks may well have served to undermine consumer confidence," RICS housing spokesperson Peter Bolton King said.
Separate surveys by Nationwide Building Society and Lloyds Banking Group's Halifax division also pointed to decline in prices as housing market activity softened after the expiry of stamp duty holiday. Meanwhile, weak economic activity has damped the chances of any near-term recovery in property prices.
The UK economy contracted in the first quarter, entering a double-dip recession for the first time since 1970s, preliminary estimates from Office for National Statistics showed last month.
by RTT Staff Writer
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