Since April 2007, when tenancy deposit legislation was introduced, every deposit-taking landlord and letting agent in England and Wales has to use one of two tenancy deposit protection methods.
Kevin Firth, director of The DPS, said: "This survey shows that tenancy deposit legislation is working. Since our launch in 2007, over 540,000 deposits have been protected, worth over £406million.
"All the signs are that tenants and landlords feel better protected thanks to our scheme. The DPS protects deposits and reduces risk for everyone involved. Landlords who fail to register a deposit face being fined up to three times the value of
their deposit and losing their eviction rights. Tenants who have been proven to have damaged a property will forfeit money to cover this; while those who have been great tenants will receive their full entitlement back. It’s a win win for both parties."
Malcolm Sullivan, a 25-year-old tenant living in London, said: "When I knew my deposit had been registered with The DPS I felt a lot happier. Nearly everyone I know has had at least one bad experience historically getting their money back. But having your deposit registered with The DPS and knowing that there is also an independent adjudication service,
guarantees peace of mind. I would urge all tenants to check their landlord has protected their deposit with The DPS."
The DPS scheme is still growing, with approximately 146,000 registered landlords – an average of 250 new landlords and agents joining each day.
The DPS works by holding a tenant’s deposit, free of charge, for the term of the tenancy agreement. Since its launch, the DPS has already returned in excess of £125million of deposits.
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