"Tenancy deposits in Liverpool the cheapest in the country" says The Deposit Protection Service
TENANCY deposits in Liverpool over the last year were 40% cheaper than the average for England and Wales, statistics released by The Deposit Protection Service (The DPS) have shown. By law landlords must submit deposits from tenants to an authorised tenancy deposit protection scheme, and those submitted to The DPS for properties with Liverpool postcodes between April 2014 and March 2015 averaged £484.84 - £335.88 cheaper the national average (£820.72) and the lowest amount figure for the whole country. Liverpool's figure was £1,242.29 less on average than tenancy deposits within the most expensive area, London (£1,727.13). Julian Foster, Managing Director of The DPS, said:- "Tenancy deposits give landlords the security they need while their property is being rented out. Tenants are also provided with peace of mind when The DPS protects the money during their tenancy, as it provides free, impartial adjudication if there is a dispute at the end of the tenancy. Both landlords and tenants need a deposit protection service that is fast, efficient, clear and communicative, and The DPS has been entrusted with over 3.2 million deposits since we launched in 2007." The DPS is the only scheme to offer a choice between schemes that are custodial; where it holds the money for the duration of tenancies; and insured; where landlords retain deposits, but pay a fee to protect them. Its custodial scheme is open to all letting agents, landlords and organisations, and there are no membership fees or qualifying criteria. The DPS repays all deposits within 2 business days, on receipt of a jointly authenticated repayment instruction.
