• Home >
  • UK property >
  • Deposit Protection Service celebrates two year anniversary
Twitter Facebook RSS FEEDS

Deposit Protection Service celebrates two year anniversary

Monday, 6 April 2009 3:27 PM

The Deposit Protection Service (DPS) has celebrated its two year anniversary by announcing the results of a survey which found 91 per cent of tenants feel safer since the legislation was introduced.

Of the 1,000 tenants surveyed, just nine per cent said the legislation had made no difference.

Since April 2007, when tenancy deposit legislation was introduced, every deposit taking landlord and letting agent in England and Wales has to use one of two tenancy deposit protection methods.

Kevin Firth, director of the DPS, said:"Since our launch in 2007, over 540,000 deposits have been protected, worth over £406 million pounds.

"The DPS protects deposits and reduces risk for everyone involved. Landlords who fail to register a deposit face being fined up to three times the value of their deposit and losing their eviction rights.

"Tenants who have been proven to have damaged a property will forfeit money to cover this; while those who have been great tenants will receive their full entitlement back."

The DPS scheme has approximately 146,000 registered landlords - with an average of 250 new landlords and agents joining each day. The DPS works by holding a tenant's deposit, free of charge, for the term of the tenancy agreement.

Since its launch, the DPS has already returned in excess of £125 million of deposits.

The DPS is funded by the interest accumulated by the deposits held.

Related stories

Piggy bank

Tenants in Scotland get deposit protection

Under the new rules, people renting Scottish property should be guaranteed their full deposit back - but is it good news for everyone?

 Houses in Cork

Remortgage applications reach two-year high

Speculation about interest rates saw remortgages account for almost a third of all home loan applications last month.
First-time buyers viewing a property

No deposit required for new 100 per cent mortgage

Could the first 100 per cent mortgage of recent times be a sign that the banks are suffering amnesia? Aldermore reckons not.

 Man hoovering property

The most common causes of deposit return hold-ups

Find out the most common reasons for landlords withholding all or part of a tenant's rental deposit.
Piggy bank – saving money for house mortgage

Only 14% of non-owners are saving for a deposit

Research has revealed the saving habits (or lack of) of those who don't currently own a home.

 Piggy bank – saving money for house

First-time buyers save for a deposit for 29 months

Londoners are the most independent but those in the South-West put down the biggest deposits.
Tenancy deposit protection has been withdrawn from unregulated letting agents

Tenancy Deposit Scheme to withdraw protection

Tenancy Deposit Scheme to withdraw protection

 Barratt Homes properties

Two million homeowners stuck in first properties

It's not just first-time buyers that are stuck: half of young homeowners have become "frustrated middle movers", research has found.
Mortgage application form with keys

Mortgage application fees up 13% in two years

Fixed and tracker mortgage fees have increased by more than 13 per cent since September 2009, according to new figures released today.

 Row of houses with beams

Average house price drops 4.2% year on year

HAlifax says house prices have dropped consistently over the past 12 months but should start picking up again this year.

Search property

Headlines

Directory

Alaris

Alaris Logo
Alaris specialise in quality Bathrooms and Kitchens along with many other unique products for your home. The range of kitchens, kitchen worktops and bathrooms is extensive and the highest quality so you are sure to find what you want. New bathroom furniture, bathroom suites, taps, showers and cabinets are added regularly.

Bathrooms365

Bathrooms365 Logo
Bathroom365 supply all areas of your new bathroom - leading-edge designed bathroom suites, stylish bathroom taps and showers, all styles and forms of shower enclosures and a vast collection of bathroom furniture.

Beds Direct

Beds Direct Logo
Whether you've just moved into a property and need to furnish it or just fancy having something new to sleep on, Beds Direct offer you a wide array of beds to order online or via the telephone.

Fitmykitchen

Fitmykitchen Logo
Fitmykitchen are specialist suppliers of kitchen appliances, sink taps, waste bins and furniture. So whatever you want from kitchen sink taps to waste bins look no further than fitmykitchen, UK, the specialist suppliers of kitchen appliances, stainless steel sink taps, waste bins and kitchen furniture.

MyStampDuty

MyStampDuty Logo
We help people buying property all over the UK to minimise Stamp Duty Land Tax on residential and commercial property. If you are looking at purchasing a new home or business premises over £500,000, contact us today by completing the form on the right

Oak Furniture Land

Oak Furniture Land Logo
For hardwood furniture, including Solid Oak, Mango, Mahogany, Sheesham, Acacia, Ash and Birch, look no further than Oak Furniture Land.

Propertywide

Propertywide Logo
Propertywide.co.uk is Countrywide plc's dedicated property website. Created to provide online access to all our estate agency, lettings and property related services, Propertywide.co.uk has been designed with the consumer at heart.

The 21st Century Radiator Company

The 21st Century Radiator Company Logo
Welcome to 21st Century Radiator Company. We supply a stunning range of traditional reproduction high quality cast-iron radiators and cast-iron baths. All our cast-iron radiators and cast-iron baths are brand new, fully tested and guaranteed for ten years.

Rated People

Rated People Logo
Whatever type of home improvement or garden remodelling project you have, Rated People can help you to identify the right tradesmen for the job in a way that is quick, easy, convenient and, as it is based on real-life recommendations, trustworthy.

Residential Land

Residential Land Logo
If you are looking for short or long term rentals in Central London, Residential Land have a portfolio of over 1200 flats and houses in the best postcodes across the Capital.

Simply Bedrooms

Simply Bedrooms Logo
Simply Bedrooms, a part of Sleepwell Bedrooms Ltd, supplying quality beds, wardrobes, sliding door wardrobes and bedroom furniture at low prices and great service, London and Home Counties Specialists.

Door Handles UK

Door Handles UK Logo
Door Handles UK is the UK's largest online range of Door Handle accessories, Door Hinges, Locks and Latches and so much more and all at genuine internet prices. We have a wide range of Chrome, Brass and Glass Crystal Mortice door knobs in both traditional and contemporary designs, whatever your taste and budget you will find a design to suit.

Woodlands Furniture

Woodlands Furniture Logo
We are an established family business situated in rural Herefordshire specialising in beautiful handcrafted classic reproduction furniture. Our comprehensive ranges are readily available from stock.

Join our directory aboutproperty.co.uk

Twitter

Join the conversation at #aboutproperty

Directory articles

Why increasing amounts of people are opting for house shares

London is an expensive place to live, however, house shares offer you the opportunity to enjoy the hustle and bustle of the capital for a fraction of the price you would pay to live on your own, making them a cost-effective way forward.

Why sliding door wardrobes are the best choice for small spaces

When bedroom space is at a premium, you need to be creative with the furniture you invest in. In terms of the wardrobe, you may want to consider those with sliding doors, as they are the most practical in small bedrooms thanks to the doors.

The durability of mahogany furniture is ideal for the office

For office-based businesses it is vital to invest in high-quality furniture that is both practical and comfortable to use. While there are many products to choose from, the benefits on hand with items made from mahogany mean it is an option you should be certain to consider.