Rise in tenancy deposits being protected

Tenancy deposit protection schemes are growing, according to the latest figures from the Tenancy Deposit Scheme.

The organisation has revealed massive growth between October and January, with the number of tenants and tenancies increasing by 39 per cent in that time.

A total of 596,343 tenants and 391,790 tenancies are now covered by the Tenancy Deposit Scheme.

The amount of money covered has also increased vastly, from £300 million to almost £400 million.

"This is a huge growth in the number of tenancies and the amount of the deposit money covered by our scheme. It reflects a much greater understanding of the legal obligations on landlords," said Lawrence Greenberg, chief executive of the Tenancy Deposit Scheme.

"This is in addition to the number of tenancies coming on stream or being renewed. It also reflects the simplicity of the scheme.

"It requires no effort by landlords or tenants who use lettings agents who are members of the scheme," he added.

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