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How long should tenant deposits take to return? Minister asks for your views

first_imgThe Government is asking for the views of letting agents on whether it should introduce a time limit for tenants to receive their tenant deposits back after ending a tenancy.Housing secretary James Brokenshire says he wants to make the process of returning tenant deposits to tenants ‘much smoother’ and prevent tenants having to provide a second deposit when moving home while waiting for their original one to be returned.The Minister’s call for views is accompanied by analysis of data from the Deposit Protection Service, which Brokenshire says suggests that on average tenants receive 77% of their deposit back and 51% of tenants have their deposit returned in full.Brokenshire also wants to know what agents think of the handful of initiatives, including deposit alternative products and passporting services such as those offered by Flatfair and RentalStep, are working or whether the markets could offer ‘improved products’.Struggle“It can take too long for some tenants today to get their deposits back when moving, and where tenants need a deposit for their new rented home, some will struggle to afford it,” he says.“Some of these tenants risk falling into debt or ultimately finding themselves unable to move from their current home.”The minister last week said he would consider setting up a mandatory national passporting system, and since June last year a working group set up by Brokenshire has been looking at the wider issues of deposit affordability including deposit replacement services.This is due to report in the Autumn, when the online consultation will also end.good2rent deposit passporting James Brokenshire tenancy deposit alternatives Rentalstep tenancy deposits flatfair July 5, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » How long should tenant deposits take to return? Minister asks for your views previous nextRegulation & LawHow long should tenant deposits take to return? Minister asks for your viewsJames Brokenshire wants to know what letting agents think of deposit passporting services and deposit alternative schemes, and how deposits could be returned to tenants more quickly.Nigel Lewis5th July 20190795 Viewslast_img

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