Positive deposit protection awareness

Almost 70 per cent of tenants in England and Wales say they are aware of Tenancy DepositProtection (TDP) legislation, according to research* from tenancy deposit scheme my|deposits.

The research, which looks at the impact of TDP five years after its introduction, also shows that just over half (51 per cent) of tenants surveyed say they were provided with details of the TDP scheme by their landlordor agent.

Furthermore, a recent survey** of landlords found that 98 per cent took and protected a deposit.

TDP requires all deposits taken by landlords and agents on rental properties to be legally protected within a government approved scheme such as my|deposits. Landlords and agents must also provide tenants with the prescribed information*** within a 30 day period following receipt of the deposit.

Eddie Hooker, CEO of my|deposits commented:

“Tenancy Deposit Protection (TDP) legislation was introduced to protect the consumer and their deposit money, so it’s encouraging to see that most tenants are aware of TDP.

“Although the overwhelming majority of landlords are protecting a deposit, it seems more can be done to explain to the tenant that the deposit has been successfully protected.

“Providing the tenant with details of how their deposit is protected is a vital step in the process and also a legal requirement. Sometimes this can get lost in all the paperwork landlords and agents pass on, so tenant’s need to look out for the prescribed information, usually in the form of a protection certificate.”

For more information about my|deposits, visit www.mydeposits.co.uk or call 0844 980 0290.

* 1636 tenants surveyed during April/ May 2012.

** 528 landlords surveys during Q3 2011.

***The Prescribed Information is defined by the deposit protection scheme and includes information about the tenancy, the property, the landlord and tenant’s personal information and deposit protected