UK's biggest letting agent in TDS exit

News Category: Industry News

This article was brought to you by Rentman the premium property management system.

The UK's largest letting agent, Countrywide Residential Lettings, has confirmed it has decided to leave the Tenancy Deposit Scheme (TDS).

Countrywide has instead opted to sign a contract with mydeposits.co.uk, the government-approved tenancy deposit protection scheme owned by the National Landlords Association and Hamilton Fraser Insurance.

It is believed the letting agent took the decision because it was unhappy about the rise in fees imposed by the TDS.

John Hards, Countrywide's co-managing director, said the switch would not have a great impact on landlords or tenants, as the letting agent would carry out any work needed to complete the move.

He added: "This decision is great news for both our landlords and tenants who have the reassurance of knowing that their deposits will continue to be protected by a government-approved scheme."

The TDS's decision to increase its fees looks to have had a significant impact on its business and The Negotiator reports that only two-thirds of its letting agents have decided to renew their memberships.

Find out more about letting agency software