Higher House Prices Expected by Major Bank Friday 12 June 2015 PDF Print Mortgage terms need to be extended beyond the current cap of 75 years to improve affordability across the property chain. Higher House Prices Expected by Major Bank Nationwide has predicted a further increase on property prices across Britain after the outcome of May’s general election. Their chief executive, Graham Beale, said that the election results have now removed uncertainty from the market. Conveyancing Marketing Services (CMS) have released a statement in response to the news. Beale, who has been at the helm of Nationwide since 2007 and is due to step down in July 2016, predicts that the UK’s housing market will be stronger than it was in 2014 after Nationwide – who are the island’s second-largest provider of home loans – reported a 32 per cent rise in yearly profits. This equated to a profit of £1.2 billion with Nationwide in a very stable financial state. When speaking to Reuters, Beale said: “The uncertainty of the general election and some of the political direction, particularly from the Labour party -- the notion of the mansion tax -- it was clearly influencing and dampening sentiment ahead of the election. "My expectation is that it will be a stronger market this year than last year. Provided that borrowers don't start to get concerned about the EU referendum, generally it's a more stable environment.” The Conservatives are free to introduce policies detailed in their manifesto after winning a majority in the House of Commons on May 7. One of these was to help first-time buyers by providing discounts and increasing opportunities to own their first property. A spokesperson for CMS, whose property lawyer Sharon Buthlay has decades of experience, commented on Beale’s prediction for the housing industry. She said: “Housing prices have been an issue for some considerable time in Britain and not just for first-time buyers. Although the government has pledged to give financial support to new homeowners the monthly affordability of mortgages is a bigger issue. Lenders need to step in with more imaginative products for second and third and even last time buyers. Mortgage terms need to be extended beyond the current cap of 75 years to improve affordability across the property chain. This would release families trapped by lack of affordability to move to larger properties, releasing further property onto the market for first time buyers and older home owners looking to down-size. “People looking to own their first property will be understandably worried if houses become even more expensive to buy. At this time it’s important to keep moving costs down and to protect hard earned savings. Conveyancing Marketing Services provide a reliable and trustworthy conveyancing service in England and Wales, backed with a no move no fee policy we do everything we can to esure you get the best conveyancing deal on the market.” Conveyancing Marketing Services were established in 1995 to provide a ‘value for money’ conveyancing service throughout England and Wales. Their solicitors are members of the Law Society and they offer a bespoke legal service direct to the public and also to estate agents and financial intermediaries. This press release was distributed by ResponseSource Press Release Wire on behalf of Conveyancing Marketing Services in the following categories: Home & Garden, Personal Finance, Construction & Property, for more information visit http://pressreleasewire.responsesource.com/about.