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Cash deposits still attractive to landlords, says deposit service

Data released by the Tenancy Deposit Service shows that the number of deposits protected has increased across the whole of the UK.

The information published in the latest statistical briefing by TDS shows that the number of deposits in England totalled 4,459,602, up by 5.12 per cent from the year before. 

In Scotland, the March 2022 data shows 235,117 deposits protected. This figure is up by 6.1 per cent from the previous year. 

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In Northern Ireland, deposits numbers at the end of March were 67,197, a 5.15 per cent increase over 2021.

 

Steve Harriott, chief executive at TDS, comments: “This data shows the bounce back in the lettings market that happened from the spring of 2021 as we came out of lockdown. However, towards the end of the financial year the market tightened, so it will be interesting to see the data at the end of September 2022 to see if there has been a reversal of the upward trends. 

“With around a five per cent increase in the numbers of deposits protected it shows the enduring attractiveness of a cash deposit to landlords.”

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    I don’t take them, more trouble than they are worth . My tenant selection process is so brutal that only the very best get through, I have had zero issues in all the years I have been a landlord (lots of years), so it’s working. It starts and ends with tenant selection, get this wrong and no amount of deposit will save you.

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    I agree Simon tenant selection now is more important than ever before it has to be brutal, 5* working tenants only

     
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    I let my agent do the referencing from a 'well known specialist'. Looking into it not much checking seems to be done with these companies. I have a terrible tenant. Lots of repairs. Late payment of rent. They can't move out themselves as nowhere to go. Even selling the property to overcome the retaliatory eviction laws. A bit drastic, but with the proposed EPC changes all the anti-landlord nonsense it's an easy decision!

    At least the deposit will help with legal costs! So worth taking. Notably the agent F'd up the Prescribed Information paperwork so more risk of counterclaims!

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    Nick - i have never met an agent i would trust with my most valuable of assets, i self manage and would never have even considered anything else. I interview every single prospective tenant and if my '' gut '' tells me no, then no amount of checks or big green ticks by the agent finding me the people will change my mind, i have declined more tenants than most (so my agent told me) even though on paper they pass everything..... gut feeling, ignore it at your peril.

     
    Matthew Payne

    Completely agree Simon, the backstory, the honesty about whats in their reference, the body language, eye contact, it all matters, and if you are good at it, which comes with experience, then its easy to spot a messer. Equally I have accepted tenants too after interview who havent had the best reference report or credit score, but whom I knew wouldn't muck me about. Passing or failing a reference isnt the be all and end all, whats behind it matters more.

     
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