Tenants are having to put down ever-increasing deposits – an average of £970.48 in England and Wales.
While the average deposit is heading towards the £1,000 mark, the figure is fuelled by the high average deposit in London – heading towards the £2,000 mark.
The Deposit Protection Service said the £970.48 sum was the figure between April and June this year, a 4.8% rise compared with the first quarter of this year.
The average for properties with London postcodes (£1,799.11) was the highest, replacing Kingston-upon-Thames ‘KT’ postcode (£1,682.85), which had been the most expensive between January and March.
Properties with Durham’s ‘DR’ postcode were the cheapest in the country, with new tenants having to submit £467.76 as a tenancy deposit.
Twickenham (£1,596.38), Enfield (£1,562.97) and St Albans (£1,562.04) all joined Kingston and London in the top five most expensive areas for tenancy deposits.
Comments (2)
In my humble opinion, ever since brexit came to be a fact, there’s been rises in most property markets: buy to let, rental housing, deposits and even third party services. I’ve seen landlords-tenant issues due to fixed tenancy rent which were simply silly. Personally I think both property and rent prices will rise, although some “property experts” say that now the market is great, since the pound lost so much in rates and etc. and property became more affordable.. Well my point of view is both as a tenant and <a href=”https://fantasticcleaners.com/end-of-tenancy-cleaning/”>a professional end of tenancy cleaner</a>. As a renter I would never want my rent, nor deposit to rise, but on the other side I think that larger deposits will have a positive effect for professionals like inventory clerks and after tenancy cleaners. I think that is really important, because for my humble observation the cleaning industry is immense and it will surely benefit from rising tenancy deposits and tenants securing those.
Regards,
Johna
Pretty sure the headline should read: “Government policy fails to solve housing problems”.