Landlords and letting agents have a chance to say what they think about giving tenants a passport to switch deposits from home to home when they move.
Outgoing Housing Minister James Brokenshire wants to unlock the money tied up in deposits to help private renters move home quicker and more easily.
Launching a call for evidence, the minister explained that many tenants struggle to find the money for the second deposit when moving between buy to let homes.
“Ministers want to understand the scale of this problem and are inviting proposals to make it easier for renters to transfer deposits directly between landlords when moving from one property to the next,” said a government housing spokesman.
“Freeing up deposits and allowing a renter’s hard earned cash to follow them from property to property – as they move to take that perfect job, to move nearer to family, or find a place that suits their changing needs – will create a fairer housing market that works for all.”
The move is part of a wider plan to speed up moving home announced by the minister.
He wants to ban setting up leaseholds and ground rents on new build homes, while imposing limits on the time freeholders and managing agents take to respond to providing information needed to sell a property.
“We have long recognised that we have a responsibility to confront unfairness in the leasehold market. Last year we consulted on proposals including the leasehold house ban and ground rent reduction,” said Brokenshire.
“We are committed to taking bold action to reform the sector and will be pressing ahead as soon as parliamentary time allows – helping us deliver our promise to make the home buying and selling process quicker, cheaper and easier.”