Tenancy Deposit Amounts Are Increasing

Tenancy Deposit Amounts Are Increasing

 

Following the publication of The Deposit Protection Service’s Tenancy Deposit Ratings for April to June 2016, it’s clear that the cost of renting a property in England & Wales is increasing.

To secure a rented property, tenants usually must pay their new landlords a deposit – this is often the equivalent of one months rent.

The deposit is to cover any damage or costs incurred for tenants living in the property and by law, landlords must place this money into a government approved deposit protection scheme.

The DPS’ figures show that those renting a property in England and Wales between April and June often paid an average deposit of £970.48 when moving into the property.

This is a 4.47% increase compared to earlier in the year and a £102.59 increase from the following year.

 

Julian Foster, Managing Director at The DPS, said:

“Tenancy deposits give landlords peace of mind when they rent out property, but they are usually large sums and are often the most financially demanding aspect of moving house.

Nevertheless, when landlords protect the money with The DPS, renters can also be assured that their money is safe throughout their tenancy, and that they’ll have recourse to free, impartial adjudication if there is a dispute when they move out.

The DPS has been entrusted with over 3.2 million deposits since we launched in 2007.”

 
If you suspect your tenancy deposit was not placed into a government approved scheme, you could be entitled to up to 3 times your deposit in compensation!

Begin your claim today.

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The Law

Landlords have an obligation to pay deposits received from Tenants into a deposit protection scheme.

The law states that every Landlord who takes a deposit from a Tenant has to protect that deposit by lodging it with one of 3 tenancy deposit protection schemes.

The basis for this requirement is to stop Landlords utilising a Tenants deposit monies as income elsewhere and to make it easier to obtain the return of your deposit when a Tenancy comes to an end.

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The Claim

If a Landlord fails to lodge the deposit with one of the 3 tenancy protection schemes within 30 days of the date on which the deposit was provided by the Tenant the Landlord will be subject to a penalty.

The penalty is likely to be between 1-3 times the amount of deposit paid.

Landlords continue to ignore the law in this regard and to assist Tenants (we do not act for Landlords) we have a team of experienced lawyers operating on cases around the UK enforcing Tenants rights against Landlords and obtaining compensation on behalf of Tenants from Landlords who have failed to comply with their obligations.

Start your claim now

Our Fee

Our review of the claim questionnaire is free.

All claims are dealt with under “No Win No Fee” agreements and the work is conducted by an experienced firm of Solicitors from start to finish.

No payment is required at the outset to start your claim.

You will also be offered After the Event Insurance for increased protection against any adverse costs.

Hi I would like to say a big thank you for your help and advice you all have been great to work with and I am very happy with the outcome I would recommend you to anyone that has the same problem I have had thank u very much Julie /Lisa and Andrea big thumbs up xx

Claire Davies See all testimonials