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London Letting Agents News: More landlords using deposit scheme
Tenants and landlords who are using the services of London letting agents might be inclined to sign up to a deposit protection scheme to ensure there are no quibbles about money once a tenancy has come to an end.
Research from mydeposits shows a record number of landlords joined its scheme last month, with a 15 per cent increase in deposit protections in August compared with the same month last year.
The company currently holds £611 million worth of deposits on behalf of tenants staying in property to rent in London and other parts of the country and has protected a total of £1.2 billion since starting in 2007.
Chief executive Eddie Hooker commented: "The increase in rental demand across England and Wales has seen a rise in rents and deposit amounts.
"More landlords and letting agents are using mydeposits instead of handing the deposit over to a third party for safekeeping. We also find that tenants prefer us too, as their deposit can be returned immediately on the day they move out," he added.
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