Millions of Pounds of Tenants Deposits Still At Risk

Posted: 3/2/2016

Private tenants are in a “precarious” position within the housing market, having to part with larger rental deposits which then run the risk of not being protected.

The Centre for Economics and Business Research estimates that roughly 284,000 landlords are not protecting their tenants’ deposits.

In a new report, the CEBR estimates that the average deposit is £1,040, and that landlords are currently sitting on £514m worth of unprotected deposits.

The report estimates a total of 1.9m landlords in the UK, excluding corporate entities, holiday lets and people who take in lodgers. Of these, it estimates that around 85% comply with tenancy deposit legislation.

The figure has moved up since tenancy deposit protection became compulsory – in 2008, it stood at just 35%.

As a landlord Key One Property will ensure that your tenant's deposit is protected, thus avoiding expensive potential legal action.

Key One Property provide VAT free letting, management and estate agency services in East & South Belfast and beyond. Call us on028 9045 6162

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