With different offerings available in the deposit replacement marketplace, a growing number of agents are signing up to the various initiatives on offer with a view to providing landlords and tenants with an additional service.
But the latest data released by The Dispute Service [TDS] shows that despite the various deposit alternate platforms now on the market, the number of deposits protected has increased across the whole of the UK.
The information published in the latest Statistical Briefing by TDS reveals that the number of deposits in England totalled 4,459,602, up by 5.12% from the year before.
In Scotland, the March 2022 data shows 235,117 deposits protected. This figure is up by 6.1% from the previous year.
In Northern Ireland, deposits numbers at the end of March were 67,197, a 5.15% increase over 2021.
Steve Harriott, CEO at TDS, commented: “This data shows the bounce back in the lettings market that happened from the spring of 2021 as we came out of lockdown. However, towards the end of the financial year the market tightened, so it will be interesting to see the data at the end of September 2022 to see if there has been a reversal of the upward trends.”
“With around a 5% increase in the numbers of deposits protected it shows the enduring attractiveness of a cash deposit to landlords,” he added.
There may be more cash deposits being left but with proven alternatives now well established, that provide landlords with the same or in some cases more protection, then what about Tenants and giving them the choice of how they protect their landlord. Surely now, more than ever, forcing a tenant to have to find a large cash deposit without at least providing them the choice of an alternative is just wrong. If more landlords do not allow tenants to have a choice it can only be a matter of time before the government steps in, as they have in other countries and mandates choice.
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The question is, if they can’t raise a deposit ……….. they can’t afford to rent!
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I cannot see a day when as a landlord and an agent a deposit other than cash would be attractive.
Cash makes the tenant “buy into” the tenancy, they want money back at the end, or at least good tenants do! Anything less than that commitment will just lead to hassle at the end of tenancy. If a tenant cannot raise the deposit at the beginning, to me that gives an indication on how they run their finances; what would happen if they were to receive an unexpected bill during tenancy if they run their “tank” so low?
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Cash is guaranteed, in an ever dubious market that is landlord bashing. We are PRS not SHS and comes with standards that we expect tenants to adhere to. If you can’t raise deposit … should you be in PRS? Many PRS landlords are starting to walk away and with debts!
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If a prospective tenant was to ask for a property without a deposit, I’d throw my car in as well, even the wife ! really wise up please.
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