Westminster deposits are UK's highest

News Category: Industry News

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Landlords with properties in Westminster are demanding the largest deposits in the country, new research has revealed.

New statistics from the Deposit Protection Scheme (DPS) showed that the average deposit demanded by landlords with property to rent in the hub of UK government stood at £1,900.

This placed it top ahead of the City of London, with Islington, Tower Hamlets and Kensington and Chelsea making up the rest of the top five.

The areas where deposits are lowest, meanwhile, were all in the north of the country, with Sedgefield, Hartlepool, Lancaster, Easington and South Ribble all making the list.

Since the introduction of the scheme in April last year, the onus on holding deposits has been removed from landlords and letting agents and has been taken on by the government and companies such as mydeposits.com.

The DPS was introduced to facilitate the settlement of disputes about the return of a deposit at the end of a tenancy.

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