DPS returns over £1bn deposits to tenants and landlords

The Deposit Protection Service (DPS) has now returned over £1bn in tenancy deposits to tenants and landlords in England and Wales.

The DPS is the only custodial scheme in England and Wales – although it has now also launched an insurance backed service – and has been going the six years that compulsory tenancy deposit protection has been in place, since April 6, 2007.

The DPS has repaid just over £1,125,000,000 to tenants and landlords across England and Wales, and DPS director Kevin Firth said: “That  is a huge figure by anyone’s standards.

“It’s something to be proud of, certainly, and we’re grateful for the trust placed in us. But I also see it as evidence that deposit protection legislation has been a huge success.”

The DPS is now used by over 335,000 landlords and over 27,000 organisations that describe themselves as ‘letting agents’.

It is currently managing over a million deposits, up 17% on 2011/2012, while it has a dispute rate of just under 2% – translating into 7,400 disputes last year.

About 62,000 new landlords and more than 5,400 lettings organisations joined last year.

Article courtesy of Letting Agent Today

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