17 January 2011

Tenancy deposit scheme mydeposits.co.uk has seen a sharp increase in the number of protections taken out by letting agents over the past year.

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.

And individual landlords have taken out nearly half of all protections during that time at 49 per cent.

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

“my|deposits is able to offer the same deposit protection and award-nominated dispute resolution services to both landlords and agents.

“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, while individual landlord members have increased seven-fold.

“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 to the landlord or agent.”

my|deposits recently announced reaching the significant milestone of protecting one million deposits.

For more information about my|deposits and tenancy deposits, visit http://www.mydeposits.co.uk/ or call 0844 980 0290

-ENDS-

For further information please contact:

Dane Svenson
Press Officer
mydeposits.co.uk
E: dane.svenson@mydeposits.co.uk
T: 020 7840 8925
M: 07508 031 084

NOTES TO EDITORS:

About mydeposits.co.uk:

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.