LETTING & ESTATE AGENT

Fall in size of London tenancy deposits

Fall in size of London tenancy deposits

London has seen a significant drop in the size of tenancy deposits in recent months according to new data.

My Deposits says that deposits in the capital fell to an average of £1,811 by the end of 2014, down about £49 from three months earlier, although still up over the whole year.
 
The company’s 2014 Tenancy Deposits Digest shows that the average tenancy deposit now stands at £1,226 – up £52 over the last year.
 
The figures also show a dramatic difference of £1,244 between the average cost of deposits in the most expensive (London) and cheapest (north east of England) region.
 
The East Midlands saw an 11% (£67) increase up to £679 per average deposit whilst the West Midlands saw a 5.3% (£42) decrease down to £747.
 
Meanwhile, in the north west there was a £24 (3.9%) increase to £650 compared to the largest drop in value, in the north east, which saw a huge 31.6% or £263 drop to reach £567, the lowest overall deposit anywhere in the survey.
 
Wales also saw a big drop of 23% (£197) in deposit values taking their average total to £657.