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DPS protects record number of deposits!

DPS protects record number of deposits!

The Deposit Protection Service says it is now protecting the most deposits in the five years since it launched.

The DPS, which physically protects the money, says it is protecting 870,000 deposits worth £685m for 300,000 landlords and letting agents and over 1,250,000 tenants.

During the last five years, it says that over 59,000 landlords have registered with the scheme each year, and over 4,000 letting agents have signed up each month to register deposits.

There has been annual growth of 42% in the number of tenancies registered with it.

The DPS was five years old on April 6, and during its previous year of operation, over 62,000 new landlords registered.

There were 6,056 adjudications over deposit disputes, with tenants proving the winners.

Just 16% were awarded solely to landlords, while 36% were awarded solely to tenants, and in 48% of cases there were split awards.

 

Martin & Co (Bognor Regis) use the DPS to protect their deposits. Not only are the deposits protected by a third party but should their be a dispute between the Landlord and Tenant at the end of a tenancy regarding the return of the deposit an independent adjudicator at the DPS will make any decisions.

 

Martin & Co (Bognor Regis)

01243 823000 / bognorregis@martinco.com