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Tenancy Deposit Scheme nears £1bn
April 6th is the second anniversary of mandatory tenancy deposit protection and the Tenancy Deposit Scheme reports that it is protecting over £800 million pounds in tenants’ deposits, an increase of a quarter of a billion pounds in less than 12 months.
These deposits protect against damage and dilapidations in over 800,000 tenancies housing 1.25 million tenants. The average deposit is just short of £1,000. The figures show that the Tenancy Deposit Scheme safeguards close on half of all Assured Shorthold Tenancies current in the private rented sector.
The tenancies are in properties owned by some 600,000 landlords and arranged through 5,000 letting agents’ offices, as well as by corporate landlords who are members of the scheme. Inevitably, the number of deposit disputes going to Alternative Dispute Resolution has also risen, with some 6,000 disputes handled in 2008/09.
Lawrence Greenberg, Chief Executive of the Tenancy Deposit Scheme says, “Together, all three deposit protection schemes authorised by government have put the message across to the public about the merits of deposit protection. For us, too, there has been a learning curve and we have endeavoured to make everything user-friendly for our members and easy for the public to understand.”