20% of Tenants Will Remain Renters Over Homeowners

20% of Tenants Will Remain Renters Over Homeowners

 

New research by The Deposit Protection Service (The DPS) has revealed that two out of every five tenants are planning to remain in rented accommodation, rather than owing a property.

The survey asked 1,000 tenants who have their deposits registered with the DPS, with 38.4% of people saying they are expecting to continue to rent long term.

Of those who said they would like to live in their own property, 25.5% said they would like to own in six months, with 62% saying they didn’t expect to be homeowners within the next year.

 

Julian Foster, Managing Director of The DPS, said:

“Renting is a vital part of the housing sector, and a significant proportion of the UK population choose to be tenants as it better suits their life plan or lifestyles.

“However, buying a house is a significant financial undertaking, and renting will often also suit those who are saving for a deposit before accessing a mortgage.”

 

If you’re renting long term, it’s important to make sure your tenancy deposit has been protected properly by your landlord. If not, you could be entitled to claim compensation!

Simply fill in our online form here and see if you could be eligible.

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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 deposit specialists firm Mckays Solicitors Ltd 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.

Hey Paul. Just wanted to say thank you for all your hard work, it certainly paid off! I'm treating myself to new flooring in the house. Never dreamed I would get any money back but whoo hoooo I did. You were great, always helped and kept me informed. I would definitely recommend you. Thanks again, take care.

Young Professional, Manchester See all testimonials