Deposit Protection Service holding deposits for 300,000 landlords

Friday 11th May 2012

The Deposit Protection Service says it is now protecting the most deposits in the five years since it launched.

The DPS, which physically protects the money, says it is protecting 870,000 deposits worth £685m for 300,000 landlords and letting agents and over 1,250,000 tenants.

During the last five years, it says that over 59,000 landlords have registered with the scheme each year, and over 4,000 letting agents have signed up each month.

There has been annual growth of 42% in the number of tenancies registered with it.

The DPS was five years old on April 6, and during its previous year of operation, over 62,000 new landlords registered.

There were 6,056 adjudications over deposit disputes, with tenants proving the winners.

Just 16% were awarded solely to landlords, while 36% were awarded solely to tenants, and in 48% of cases there were split awards.

The scheme made its millionth deposit repayment to tenant Yvonne Stenning, whose deposit was protected by Wendy Carman of letting agent Molica Franklin in Littlehampton, West Sussex.