Tenancy Deposit Scheme shows growth
Monday, 21 January 2008 12:00 AM
The Tenancy Deposit Scheme (TDS) has continued to grow, with both the amount of cash held and the number of tenancies covered increasing.
In the three months from mid-October to mid-January the value of the organisation's holdings increased from £300 million to just under £400 million.
Similarly, the number of landlords registered with the scheme increased by more than a third - up from 217,134 to 293,487 over the period.
The core membership of the scheme is among lettings agents and corporate landlords.
"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 TDS chief executive, Lawrence Greenberg.
"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."
In order to further improve the service offered by the TDS, the group will also launch a new step-by-step on-line guide at the Association of Residential Letting Agents (ARLA) in February.
"Although the TDS had its genesis nearly four years ago when it was launched by the professional bodies in the lettings industry, ARLA, National Association of Estate Agents (NAEA) and the Royal Institution of Chartered Surveyors (Rics), we have had a huge influx of agents joining since last April, when deposit protection became mandatory," continued Mr Greenberg.
The scheme was made mandatory in April 2007, with members principally composed of lettings agents and corporate landlords.
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