Chestertons has become the latest letting agency to sign up to the Zero Deposit guarantee, a tenant’s deposit replacement product that is being offered across the firm’s 33 branches across London.
A number of letting agents, including Knight Frank, John D Wood, Acorn Group, Douglas and Gordon, Foxtons, Barnard Marcus, and KFH, are now offering the Zero Deposit replacement product, launched last year, allowing tenants to acquire an insurance policy in lieu of a deposit.
Richard Davies, head of lettings at Chestertons, commented: “We met with several deposit replacement products over recent months in order to understand the differences between each of the providers and which match Chesterton’s service and standards.
“Tenants acquiring the insurance policy will be required to pay the equivalent of one week’s rent for a Zero Deposit guarantee, a regulated financial product that offers the landlord effectively the same cover as a six-week tenancy deposit.
“Zero Deposit stood out, not least because it is a regulated provider and we have the utmost confidence that the product is robust.
“We are seeing increasing demand for the Zero Deposit Guarantee from tenants and are responding to this.”
Reflecting on the new partnership, Ben Harris, commercial director at Zero Deposit, said: “We are delighted to have been chosen by Chestertons as their deposit replacement partner. We share many of the same principles, particularly the importance of regulation in protecting landlords, tenants and by association, our agent partners’ reputations.
"We're gaining great traction not just in London but across the country. As agents become more comfortable with deposit replacement as an addition to their lettings toolkit, the conversation keeps directing back to how a deposit replacement partner guarantees protection for landlords and tenants, with our regulated and fully underwritten guarantee standing out from the crowd.”