Skip to main content
Legal news

House prices fall

Jonathan Winston Jonathan Winston
2 min read

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

Winstons are brilliant, very responsive to messages, professional and patient. Fantastic customer service- face to face and email/telephone. Would 100% recommend!
Lucy
I recently contracted Winston Solicitors to support me in obtaining a grant of probate following the death of a parent. I worked closely with Emily and found her to be supportive, have great communication and be able to navigate the IHT and probate processes very efficiently.
John
Absolutely exceptional service from start to finish. I will definitely be recommending you to others. Michelle was fantastic and eased me through the whole process. I had so many questions as a first time buyer, Michelle answered them all and responded quickly every time. Very happy - August 2025
Kimberley W, Derbyshire
We are greatful for Sam's and her team work. We don't believe buying or selling a house could be made any easier. Thank you! - August 2025
Pawel S, Wakefield
Was recommended by my Financial Advisor and was pleasantly surprised everything was dealt with efficiently and everyone I spoke to were kind courteous and knowledgeable I would have no hesitation in using their services again. - August 2025
J Gilbertson, Pontefract
When Mum needed the system most that she had been paying into all her life she was failed by countless people and departments, assessments not completed, lost files, appointments not kept, delay after delay and on. I had a gut feeling that procedures weren't being followed and began my quest for the truth in her memory. I found James at 'Winston Solicitors' who helped us take on the system and prove that Mum was indeed entitled to CHC Funding. Throughout the case he was relentless in his pursuit to seek out the truth and hold those accountable who failed Mum. He gave us regular updates and discussed every step with us along the way, I cannot recommend him highly enough to anyone who has found themselves in this dreadful position in traumatic times with their loved ones. - August 2025
A Ellis, Manchester
Sam and the team have been great in the sale and purchase of my house. Consistent communication and always on hand to answer any questions.
Ms S
We were really happy with Sidraa, she is polite, calm and professional and would definitely recommend her and Winston’s.
Chris
Contact Jonathan