Tenancy Deposit Statistics Are Improving But Still Aren’t Perfect According To New Research

15 June 2012 Categories: News

Tenancy Deposit Statistics Are Improving But Still Aren’t Perfect According To New Research

Tenancy deposit protection provider, Mydeposits, recently conducted research to find out how well tenancy deposit legislation is working for both landlords and tenants by asking a number of their clients to complete a short questionnaire. The results that they got from the research are very promising but according to experts there is still room for improvement.

Of the landlords questioned, 98% said they took and registered deposits from all of the rental properties they own, while 2% admitted that at least one property still had an outstanding deposit that wasn’t registered. These figures are apparently promising and show that the change in legislation that was imposed in April 2012 is in fact having the desired effect.

Slightly less promising however is the number of tenants that know about and understand the tenancy deposit protection schemes.

According to the report just 70% of tenants know the ins and outs of tenancy deposit protection and only 50% of those questioned had been given the details of the deposit scheme that was holding their money.

Informing tenants about the registration of a deposit is now a legal requirement and Mydeposits hopes that by the end of the year this figure will have increased to the 100% mark.