Few UK residential tenants end up losing money from their deposit, survey finds
Few tenants in the private rented sector in the UK end up having deposit deductions at the end of their tenancy, new research shows.
Just 9% have had their landlord or letting agent retain money according to a poll from tenancy deposit protection (TDP) scheme My Deposits.
Most landlords or letting agents take a tenancy deposit to guarantee against financial losses should the tenant breach the terms of the tenancy agreement or damage the property. However, the deposit should be returned to the tenant at the end of the tenancy unless breaches or damages occur.
The poll showed that tenants in the Midlands and the South East of England were more likely to face a deduction to their deposit than other parts of the UK.
Some 12% of tenants in the East Midlands and 11% in the West Midlands said their landlord or letting agent had proposed a deduction to their tenancy deposit. The next highest group to experience deposit deductions at 10% were tenants in the South East. On the flip side, just 4% of tenants in Wales experienced a deduction and 7% in the North East.
The findings also show that tenants in Wales were the most self-assured when it comes to discussing the return of their deposit at the end of the tenancy, with 39% saying they felt confident in approaching the issue with their landlord or letting agent. Tenants in the North East were the least confident with 25% saying they felt confident discussing the issue.
‘Although most tenants haven’t experienced deductions to their deposit at the end of their tenancy it seems that many still lack the confidence to approach the issue with their landlord or letting agent. In fact, even the most confident of tenants are in the minority when it comes to discussing issues over their deposit,’ said the firm’s chief executive officer Eddie Hooker.
‘It’s vital that tenants are both aware and informed about the law and their rights because deposit protection was introduced to safeguard their money, and they should have it returned in full at the end of the tenancy if they don’t breach any of their obligations,’ he explained.
Article courtesy of Property Wire