Average tenancy deposit on the rise

mydeposits logoAccording to my|deposits the average tenancy deposit has increased by £125 from £985 to £1,110 in the past twelve months.

“With rents continuing to rise, landlords and agents are understandably taking larger deposits to help protect their investments. The increase in the assured shorthold tenancy threshold, with tenancies up to £100,000 per annum now requiring deposit protection, has also increased the overall number of tenancies requiring deposit protection.” – Eddie Hooker, CEO, my|deposits

The average deposit variations across England and Wales by region are as follows:

East Midlands: £916
East of England: £961
London: £1494
North East: £665
North West: £693
South East: £1069
South West: £702
West Midlands: £781
Yorkshire & Humber: £568
Wales: £747

All in all these figures mean, with more money at stake, it is in the interest of both landlords and tenants to make sure that proper evidence and records are obtained to ensure any dispute can be resolved quickly and fairly. The best way to achieve this is with a video inventory.

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