BATTLE FOR THE BILLIONS - <<Back

Last week Mydeposits.co.uk, one of three tenancy deposit protection scheme, announced that it has protected over £1 billion worth of deposits on behalf of tenants.Eddie Hooker (right), Chief Executive, mydeposits.co.uk, commented, “Mydeposits has gone from strength to strength since we launched over four years ago, firmly expelling the myth that landlords and agents can’t be trusted with holding ‘client money’. We have adequately protected deposits for more than one million tenancies across England and Wales, valued at more than £1 billion and counting. That’s £1 billion worth of deposits that landlords have been able to look after rather than lodging it with the custodial scheme. We are proof that tenancy deposit protection works and that it has been embraced by everyone in the private rented sector.”This week Mydeposits’ competitor, the Tenancy Deposit Scheme has announced that it goes into the new financial year next month having protected over £2 billion in tenants deposits since the scheme started in 2007.Operating through well over 4,000 letting agents’ branches, the Scheme currently protects 1.5 million tenants, housed through close to a million tenancies. At the same time there are significant new member benefits in hand.From next month, lettings businesses with less than 50 tenancies will see their annual subscriptions fall substantially from £750 to £500 a year. This reduction is coupled to a new discount structure that will result in a high proportion of all member firms paying less than £6 for each new tenancy registered.More “Meet the TDS” events are being scheduled all around the country to give members an in-depth insight into the way adjudication works. These are working in tandem with new consultation programmes and e-newsletters and an active member relations team.

The Scheme’s Chief Executive, Steve Harriott, said, “We are going into 2011-2012 with the Tenancy Deposit Scheme in the strongest possible position to provide its members with highly competitive rates, a more focused customer service and increasing standards of efficiency.”

 

 

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