A third of landlords 'don't know about TDS'

News Category: Industry News

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A new study has suggested that more than a third of UK landlords are still completely unaware of the need for tenant deposits to be protected in a government-authorised scheme.

Recently, David Salusbury, chairman of the NLA, said that his organisation was happy with the way landlords had adopted tenancy deposit schemes (TDS).

However, the Mortgage Centre has now published research which showed that 36 per cent of landlords were unaware of the mandatory scheme.

In particular, investors with buy-to-let properties did not know about the new rules, with 43 per cent unaware of the scheme. Another 20 per cent said they knew about TDS but did not understand them fully.

"We are very worried by the results of this research which shows low awareness and understanding of the existence of this legislation and its implications, several months on from its introduction," commented Lynsey Sweales, marketing and PR director of the Money Centre.

"This is bad news for both tenants and landlords as the scheme is designed to protect both."

On the back of the research, the Money Centre called on the government to increase its efforts to promote the legislation.

"We also urge landlords who are not up to speed with the scheme to do their research immediately and advise them to join their local landlords' association," Ms Sweales concluded.

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