18 November 2011
my|deposits has found the average protected tenancy deposit taken in England and Wales has increased by £125 in the past year, from £985 to £1110.
Landlords and agents in London take the biggest deposits from tenants when letting property, while the average deposit size was smallest in the Yorkshire and Humber.
Since tenancy deposit protection was introduced in April 2007, a tenant in London has paid an average £1495 as a deposit for their rented property, which is more than double the amount in many other parts of the country*. By comparison, landlords in the south-west paid £702 while those in Yorkshire and Humber paid £568.
In the south-east, the average deposit was £1069, while in Wales it was £747.
Eddie Hooker, Chief Executive, mydeposits.co.uk, commented:
“With rents continuing to rise, landlords and agents are understandably taking larger deposits to help protect their investments, with the average now at £1110, an increase of £125 in the past year.
“The increase in the assured shorthold tenancy (AST) threshold, with tenancies up to £100,000 per annum now requiring deposit protection, has also increased the number of tenancies requiring deposit protection.
“That means it’s more important than ever for tenants to make sure their deposit money is protected properly with a government-approved scheme such as my|deposits.”
With my|deposits, landlords and agents are able to hold the deposit money in their own bank account for the duration of the tenancy. The tenant and landlord also have access to a free dispute resolution service, if there is a disagreement over the deposit return at the end of the tenancy.
For more information about my|deposits, visit www.mydeposits.co.uk or call 0844 980 0290.
*Average deposit sizes across England and Wales:-
East Midlands: £916
East of England: £961
North East: £665
North West: £693
South East: £1069
South West: £702
West Midlands: £781
Yorkshire and Humber: £568
Note: A further break down of these figures is available within these regions.
For further information, please contact:
T: 020 7840 8925
M: 07508 031 084
NOTES TO EDITORS:
Mydeposits is the trading name of Tenancy Deposit Solutions Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver an insurance-backed tenancy deposit protection scheme under contract from Communities & Local Government. Landlords and letting agents wishing to use this scheme are required to register with the Scheme Administrator. They can find out more and register by visiting www.mydeposits.co.uk. Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. Fees are tax-deductible. In the event of a dispute at the end of the tenancy agreement, both parties are offered access to alternative dispute resolution (ADR). This procedure will be evidence-based, relying on documentation and records.