What the papers say – 11th and 12th May 2013

The Financial Times reported this weekend on Government plans to make landlords responsible for checking tenants’ immigration status. Experts claimed that it was unacceptable to expect the property industry to deliver the Government’s immigration policy, and more rules imposed on landlords could only result in higher costs for tenants. The National Landlord Association already runs offers a tenant check service, but at this stage it is unclear whether this will be sufficient. Brokers suggested that potential landlords are likely to be put off entering the market due to the extra level of paperwork. The Sunday Express revealed that mutual building societies took a 25% share of gross lending in March, up from 22% at the same point last year. Brokers reported a greater amount of flexibility regarding criteria, particularly for First Time Buyers, older borrowers and unusual properties. Building Societies have also been dominating the best buy tables recently. Elsewhere the Sunday Times looked at new build properties, following news that Accord Mortgages, part of the Yorkshire Building Society, has reduced the required deposit for new-build buyers from 25% to 15%. Brokers welcomed the move but agreed that it was still difficult to secure a loan, despite an increase in popularity due to recent Government initiatives.

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