TDS cuts prices after 'outstanding' year

Thursday 19th July 2012

The Tenancy Deposit Scheme has reported strong results for its last financial year, enabling it to cut its membership subscriptions.

The scheme says the reduction is in line with its not-for-profit status, and the aim is to reduce costs to members as far as possible.
 
In their joint forward to the annual review and accounts, TDS chairman Martin Partington and chief executive Steve Harriott say: “By any account, the past financial year 2011-12 has been an outstanding year for TDS.”
 
Milestones for the year included the launch of a scheme for landlords in conjunction with the Residential Landlords Association and the joint bid with Scottish partners of SafeDeposits Scotland, a custodial deposit protection scheme.
 
In March, the end of the financial year, the TDS was protecting 870,968 tenancies with a total value of deposits of just under £1bn. These tenancies were registered through 4,298 letting agents and corporate and private landlords.

During 2011-12, the TDS closed over 10,000 deposit disputes, with the proportion of disputed deposits awarded to landlords and tenants about equal.

This parity comes from a gradual increase in the number of awards made to landlords and a decline in the tenants’ share. This is mainly attributable to an increasing awareness among landlords and agents of the type of evidence needed to succeed in a claim against a tenant’s deposit.
 
The recent programme of adjudication workshops, designed to offer greater comprehension of the dispute resolution process, will have contributed to this increased awareness, says the TDS. As a result, further workshops will take place in the autumn.
 
The prime reasons for deposit disputes remain largely unchanged, with cleaning, damage and redecoration at the top of the list.
 
Harriott said: “These are an outstanding set of results for the Scheme. We have reduced membership fees and delivered greater benefits to our customers, and there is more to come. Customers are really seeing dividends from our not-for-profit status and they are taking advantage of our award-winning customer service.” 

You can see the full report – worth it just for the graphics, and the goldfish on page 17 – via the link below.

http://multivu.prnewswire.com/tds/170712-annual-report.pdf