Legal news

House prices fall

Jonathan Winston Jonathan Winston
2 min read
This blog is more than 16 years old

The housing market still shows no sign of long-term recovery with house prices falling last month.

The latest Nationwide survey shows that British property prices fell by 0.9% in August and, following on from a 0.5% drop in July, it represents the first time that prices have fallen for two consecutive months since February 2009.

The news comes just days after economists warned that the housing market could be heading for a double dip with thousands still stranded in negative equity after buying their property at the height of the boom in 2007. The Nationwide warns that unless prices recover substantially in September, the quarterly growth rate is likely to turn negative next month.

Martin Gahbauer, chief economist at Nationwide said: “Recent market trends remain consistent with an unwinding of the supply-demand imbalance that drove up prices for much of last year.” He added that since the rise in prices of last year were ahead of the recovery in the wider economy, “the current correction is not an unhealthy development”.

Economists are unsure how far house prices will fall with some expecting just a 3% to 5% drop though others predict a 25% drop before the end of 2012. Nationwide says in its latest figures that the average home in the UK currently costs £169,347.

More Winston Solicitors news

Client feedback

I chose Winston Solicitors to deal with my wife's estate on the recommendation of a family member. I was very satisfied with the friendly attitude of the team. Everything was dealt with as quickly as possible bearing in mind that some documents needed to dealt with by a family member in America. i was kept informed of progress every step of the way. Wonderful service.
David
Michelle and Aishah were both very professional and helpful. This wasn't a straightforward conveyance but they had the relevant expertise to complete the sale without a problem.
Caroline
I used Winston Solicitors to sell our house and they were brilliant. Amr dealt with all the paperwork quickly and kept us updated the whole time. They made the entire sale smooth and stress free. We would definitely use them again and recommending them to family and friends.
Mohammed
I have worked with Winston Solicitors on a number of different legal matters, most recently conveyancing. On each occasion, they have been professional, friendly and helpful throughout. Whether providing advice, responding to queries, or simply keeping me updated on progress, their communication has always been excellent.I would have no hesitation in recommending Winston Solicitors and would be very happy to use their services again in the future.
Anonymous
My wife and I recently contacted Winstons Solicitors, with a view to update our Wills and talk about Lasting Power of Attorneys.We were introduced to Emily Spencer (Solicitor), who was friendly, very knowledgeable and talked to us at length with good communications and understanding of what we were asking for. Emily also took her time to go through our Wills and explaining about Lasting Power of Attorneys and what this meant regarding the health and financial sides.Emily has a professional manner and puts you at ease when explaining the legal side of Wills and Lasting Power of Attorneys, she goes through things carefully with understanding.She has been accessible throughout the processes, helpful with suggestions and replies to emails with effciency.Without hesitation we would recommend Winstons Solicitors, our experience has been smooth and faultless. It has been a pleasure dealing with Emily and Winstons Solicitors.
Kevin
Leasa Foster was extremely efficient and professional in handing out purchase.She was very experienced and able to advise us on potential legal issues before we even started progressing with searches.I would highly recommend her services.
Michael
Very thorough service and great communication throughout the whole process.
"Ruth"
We used Winstons to sort out our late fathers life interest trust. Emily was brilliant...very efficient, organised and knowledgeable.It was a complicated issue to us but Emily dealt with it quickly and efficiently...taking away the stress for us.
Mary
Contact Jonathan