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

First time we’d done anything like wills. Monika understood our outline requirements, and guided us carefully through the process through to signing. We were delighted with the service we received from Monika and the team at Winston’s, and would absolutely recommend them to others.
Graeme
I was very pleased with the service provided. Advice provided in a timely and efficient manner, very clear and concise.
Anonymous
Sidraa did the conveyancing on our recent house sale and purchase and she was outstanding. She is so thorough but also keeps you constantly updated removing a lot of the anxiety about the process. She was also ably helped by Paulo. Thank you for all the hard work you put in on our behalf.
Kathryn
Great from start to finish. Kept updated at all times. Michelle was also good at replying to my emails,I would highly recommend to anyone.
Jonathan
Lease has been amazing getting all my documents ready for my house purchase, she was rapid at responding to my email and replying back to any queries I had. I would surely recommend it Winston solicitor to my family and friends.
Fatima
Can’t recommend Winston solicitors enough especially Heidi for all of her help and patience, I was ready to give up with my claim but Heidi showed huge determination and patience in ensuring I got some justice, amazing service and the staff work tirelessly to help their customers
Alannah
I cannot recommend Samira at Winston Solicitors enough. She worked tirelessy to defend our case and her knowledge and professionalism, along with her ongoing support, helped to make a very stressful situation easier to manage. Would I recommmend again, in a heartbeat!
Ben
I used Winston solicitors for the purchase of my first home. They were absolutely fantastic, especially Michelle who was my solicitor. She was so kind and friendly. She answered every question I have and was very responsive and easy to get a hold of. I highly recommend Winston solicitors and Michelle especially:)
Tomas
Contact us