Half a Billion Pounds and Rising - Growth in Protection and Resolution from the Tenancy Deposit Scheme

Half a Billion pounds in tenants' deposits has been safeguarded by the Tenancy Deposit Scheme in less than a year since deposit protection and Alternative Dispute Resolution became mandatory.

The Tenancy Deposit Scheme released this figure while there are five weeks to go before the first anniversary of mandatory operations. By March 1, the Scheme covered nearly 450,000 tenancies, housing close on 700,000 tenants in property owned by 335,000 landlords. These figures are rising by an average 7.5% a month.

During 2007, an average of 127 disputes a month were resolved through Alternative Dispute Resolution. This is more than double the number handled under voluntary deposit protection. The number of disputes sent to the Scheme continues to rise.

Commented Lawrence Greenberg, Chief Executive of The Dispute Service, who run the Tenancy Deposit Scheme, "Obviously we are very pleased with our success but we are very well aware that Tenancy Deposit Protection is a new concept for the public, landlords and tenants, and their letting agents."

"We are doing everything we can to make our web-based systems easy to use for agents who are responsible for protecting the rights and money due to both tenants and landlords."

Last month, the Tenancy Deposit Scheme introduced a web-based education programme for its members. This is designed as a day-to-day aid that can also be used for in-house training programmes for letting agents and corporate landlords.

Said Lawrence Greenberg, "Providing tutorial assistance in this way helps us all. It cuts down on erroneous entries, gives staff confidence and frees up the telephone lines for the serious or unusual problems that inevitably arise."

The Tenancy Deposit Scheme website also contains filmed interviews with leading figures in the lettings industry, discussing the merits of tenancy deposit protection and the simplicity of the Scheme. It can be viewed on www.thedisputeservice.co.uk by clicking on the clapperboard marked TDS OVERVIEW.

5 March 2008

Back to News & Blog