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  Courtesy of the Times.
  
  
  The Royal Institution of Chartered Surveyors has instructed members to be “aware of the potential for significant changes in value” in retail properties this year. A potential fall in the value of retail premises will worry Britain’s councils, which have been investing billions of pounds in shopping centres and other retail premises in recent years in an attempt to generate income to replace cuts in central government funding. Local authorities spent £2.8 billion on commercial land and buildings in 2016, more than double the figure for the previous year.
  
  In 2017, for example, the Conservative-run Mole Valley district council in Surrey borrowed from the Treasury to spend £11.5 million on an Asda supermarket in Ystalyfera, northeast of Swansea, despite analysts believing that out-of-town supermarkets have a bleak future. Professional property investors said that they were “amazed” at the price the council paid. Figures published after Christmas showed that retail parks recorded a decline in visitors of more than 7 per cent on Boxing Day compared with a year earlier, while shopping centre numbers were down by 5 per cent.
  Last week the Postings shopping centre in Kirkcaldy, Fife, was put up for sale for £1. Its owners had struggled to find tenants to fill the 14 of its 21 shops that were empty.

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