Record £1.5m tenancy deposits submitted in day

Two thousand deposits were submitted to The DPS last Monday, with 288 deposits submitted in one hour alone. Over the day, this equated to £1.5million worth of deposits being protected – a new record.

Since the launch of the DPS in 2007, 640,000 deposits have been protected, worth more than £480million.

DPS director Kevin Firth said: "Our record-breaking day just goes to show that tenancy deposit legislation is working. Last Monday, the DPS had its best ever day helping to protect tenants’ deposits. 

"With people preferring to move property in the summer months and more people choosing to rent rather than buy, because of the current economic climate; it makes sense for landlords and tenants to protect themselves.

"As our figures show, more and more landlords and agents are signing up to our scheme every day – though we know there’s a ‘rogue’ element that still have to comply with the legislation."

The DPS is the only scheme to physically hold onto a deposit. It is provided free of charge, and funded entirely by the interest earned from deposits held in the scheme.

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0 thoughts on “Record £1.5m tenancy deposits submitted in day

  1. John Thorpe

    I believe you may have got the wrong end of the stick about the “rogue element”.I assume these rogues are the landlords and not the tenants.
    How well do you rate yourselves in adjudicating on the setlement of disputes??. Are you absolutely fair and impartial on your decisions and in settling the correct amount of deposit to be retained by the landlord or returned to the tenant.
    Some of your competitors in this field have blown it with the landlords.