14^th Mar 2018

A company that offers deposit replacement insurance for the private rented sector claims its recent data shows that lettings agent and landlords in the largest cities in the UK, are not taking on tenants unless they can pay an average deposit of £1,507.

It has been reported that 25% of families have no more than £95 saved.

The research puts Brighton and Edinburgh as the most expensive of the biggest cities to rent in, whilst Bradford and Hull appear at the bottom of the table as being the cheapest. The average tenant's deposit across the UK largest cities is £1,407, however if London is included then the figure becomes £1,536.

The firm's data shows that outside of London, Edinburgh's average tenancy deposit is £2,631 with Brighton coming a close second at £2,589, with Manchester - £1,834, Cardiff- £1,825 and Leeds at £1,825.

The cheapest cities average deposits are Bradford and Hull standing at £684, Stoke - £797, Sunderland - £855 and Derby with £891.

London's average tenancy deposit is £3,015

The Managing Director of the firm Ajay Jagota said: “Landlords and letting agents have really got to ask themselves whether it’s good business to ask tenants to pay sixteen times their total life savings to become their customers, when zero deposit renting using deposit replacement insurance gives them almost 400 times as much protection against unpaid rent, property damage.

Doing things this way doesn’t just make it harder to find tenants, by forcing them into debt or financial dire straits just to become your customers it makes it harder to keep them too."


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