We have seen a sharp increase in the number of protections taken out by letting agents.

Agents purchased 65 per cent more deposit protections in 2010 compared with 2009.

Each agent purchased an average 46.3 protections last year, compared to an average 28.2 protections in 2007 when mydeposits.co.uk launched.

Eddie Hooker, Chief Executive, mydeposits.co.uk, commented:

 “Agents are turning to my|deposits because they see the benefits of being able to control the deposit during the tenancy on behalf of their landlords and because of our simple, transparent fee structure.

The number of agents on our books has more than doubled since we launched in 2007.

We offer all members an easy-to-use service and our dispute resolution service is available to sort out any disagreement at the end of the tenancy at no charge.”