NLA 'happy with TDP progress'
Published: 23-Oct-2007
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Mandatory tenancy deposit protection is about to celebrate its eighth month in operation and a body which represents landlords has revealed that it is pleased with its scheme's progress.
The NLA has reported its tenancy deposit protection (TDP) is expected to cover nearly £100 million of deposits by end 2007.
David Salusbury, chairman of the NLA, heads up the group's TDP scheme, called Tenancy Deposit Solutions Limited (TDSL). This is the only insurance-backed scheme designed for landlords.
He commented: "We have been very encouraged by the take-up of our insurance-backed scheme, which is particularly appreciated by larger-scale portfolio landlords.
"They understand the benefits of being able to hold tenants' deposits, as they did previously, while fully meeting the requirements of the relevant legislation.
"The scheme is quick and easy to use, and importantly it does not require landlords or agents to transfer funds to a third party."
Mr Salusbury added that the NLA felt that the implementation of mandatory deposit protection "has worked well".
His views were echoed by Chris Norris, policy officer at the NLA, who said: "Anything that improves and raises the standards within the sector, we are very happy to see."
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