The cost of average deposits has increased across the UK, according to the latest Statistical Briefing report by The Dispute Service (TDS).
The report highlights the increasing average value of deposits and number of deposits protected in England, Wales, Scotland and Northern Ireland, but there are regional differences in tenancy deposits.
The average deposit value in England and Wales is almost double the level in Northern Ireland, although it is worth pointing out that significantly higher deposits in London distort the overall picture.
According to the TDS, the average deposit in England and Wales in 2018 was £1,110, while in Northern Ireland the average was £587. The Scottish average sits in the middle ground at £675 for 2018.
Across the UK, the average value of tenancy deposits increased between 2017 and 2018 by; 2% in England and Wales, 1.5% in Scotland, and by 1.4% in Northern Ireland.
As well as the average values increasing, the number of tenancy deposits protected has also risen year-on-year across the UK.
In England and Wales, there are 3,748,725 protected deposits, up almost 1.6% from 3,691,242 a year earlier, while in Scotland an additional 9,441 deposits were registered between 2017 and 2018 – an increase of almost 4.7% year-on-year.
Northern Ireland experienced the largest growth in the number of tenancy deposits protected year-on-year; an 8.97% uplift from 49,102 to 53,510.
Steve Harriott, chief executive officer at TDS, commented: “While the report highlights broad differences between the constituent countries of the UK, it hides more local disparities. For example, the average deposit value in England and Wales does not reflect the difference between central London and areas with lower average deposits.
“The report does, however, demonstrate that the private rented sector is continuing to grow, with an increase in the number of deposits protected and their value across the UK.
“There are, of course, a number of reasons behind the growth, but as the sector expands, we continue to see the numbers of deposits protected increasing.”