The Deposit Protection Service has paid back its millionth deposit, to a tenant in South-East England.
The million milestone was reached on Tuesday.
To mark the occasion, both tenant and letting agent were given a bottle of champagne. The tenant was Yvonne Stenning and the agent was Wendy Carman, of Molica Franklin in Littlehampton, near Brighton.
Since 2007, when the DPS started, deposits worth over £750m have been returned to tenants, landlords and letting agents.
Kevin Firth, director of the DPS, said: “We repay an average of 950 deposits a day to recipients across England and Wales, and work really hard to make things as simple as possible for everyone involved.
“We’re aiming to launch in Scotland too in the very near future, so landlords and tenants there will be able to take advantage of the same tried and tested system.”
The DPS currently protects over 840,000 deposits worth £660m on behalf of tenants, landlords and letting agents.
Tenancy deposit protection legislation is expected to be implemented in Scotland towards the end of April.
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