Property News Archive

Success for Tenant Deposit Protection Scheme

Recent figures released by the DCLG show that 66,000 tenant deposits are now safe under the new schemes and 1,500 per day are being added - this makes a total of £58 million being held under the new legislation in England and Wales.

Baroness Andrews, the Communities Minister said: "This great start to the new tenancy deposit protection schemes shows that time is up for rogue landlords who refuse to repay deposits and tenants who leave without paying their last month's deposit. "These schemes don't just protect pounds and pence, they offer peace of mind. Before we took action, many tenants and landlords found themselves caught up in bitter and often protracted financial disputes. The new rules now offer greater certainty and strike a fair balance between the rights of landlord and tenant. "It's particularly pleasing to see strong support for the schemes from landlords and agents, as it highlights the growing recognition that the initiative will also benefit landlords by bringing about a fair and sustainable rental sector. We're confident that take up will continue to rise." Landlords signing up for the scheme demonstrate that they are providing a professional service to their tenants, and it is hoped that the numbers going to the Citizens Advice Bureau when their deposits are disputed with decrease as time goes by. Although there was some initial confusion about how the Tenancy Deposit Protection scheme (TDP) actually worked, the letting industry appears to be getting to grips. From the 6th April this year landlords and agents have had to sign up for one of the three schemes backed by the government when they receive a deposit, offering peace of mind for those renting property. Earlier surveys had shown that around 17% of tenants felt that they had had monies unfairly withheld. Hopefully the success of the scheme in England and Wales will encourage a speedy adoption of the idea across the border in Scotland as well.

Full information for landlords, tenants and agents is available on www.tds.gb.com or 0845 226 7837 or view our page Tenancy Deposit Scheme (TDS)