Take-up improving for deposit scheme
With the 2008 outlook for property purchase and mortgage lending looking bleak, good news has emerged for those seeking rental property in London and elsewhere.
Recent feedback from the Deposit Protection Service has revealed that the new government scheme is helping Londoners to move from one rental property to another – a key imperative while property purchase remains unaffordable for many.
More and more landlords in the capital are signing up the scheme, which allows tenants' deposits to be guaranteed, preventing often-reported cases of deposits being withheld or only refunded with severe delays after tenants vacate a property.
Initial take-up for the scheme was reportedly poor, but recently there have been indications of increased participation – a welcome change after a survey by the scheme found 36 per cent of tenants to have suffered from lack of repayment.
Kevin Firth, client services director at the Deposit Protection Service, said: "Often tenants are stuck in a 'catch 22' when it comes to moving home as they need to move out to get their deposit back but can't move into a new property until they have a lump sum.
"The Deposit Protection Service not only ensures tenants have their deposits returned – they also receive them quickly and efficiently."
Published 7th January, 2008
© 2008 Estates IT Limited
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With the 2008 outlook for property purchase and mortgage lending looking bleak, good news has emerged for those seeking rental property in London and elsewhere.