We’ve seen a marked increase in landlords and letting agents registering with us over the last three months. The largest increase in landlord and letting agent registrations came in May, with an 11 per cent increase over the same period in 2010. June and July also saw increases of 10 and 8 per cent in registrations over last year respectively.
There are now 22,000 letting agents and 250,000 landlords registered with our scheme which safeguards 760,000 tenants’ deposits worth £590 million.
It’s not surprising that there’s been a considerable increase in registrations over the last few months. With bank rates likely to remain low for the foreseeable future even landlords and agents with very large property portfolios are turning to us for free deposit protection rather than pay the fees charged by the insurance schemes.
This is also representative of the growing number of landlords forced to rent their properties rather than sell them, often to tenants who have been priced out of the buyers’ market.
The increased demand for rental properties means higher rents and larger deposits. It’s therefore more important than ever to ensure that landlords are protecting deposits as there is so much more at stake.
The increase in registrations is also testament to how easy it is to use our service. It takes a matter of seconds to create an account online and only a few minutes to submit a deposit – which is ideal for new landlords who have fallen into the role by circumstance.
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