Zero Deposit, one of the insurance-based schemes offering an alternative to traditional tenancy deposits, has signed up its first independent agency customer in Greater Manchester.

The ZPG-backed scheme, founded by former Zoopla commercial director Jon Notley, is already operating in big corporates like Foxtons, Your Move and Reeds Rains, but now it has signed up Manchester’s homes4u. 

Under the scheme tenants replace a cash deposit with a Zero Deposit guarantee at a fee of one week’s rent to cover their deposit of six weeks’ rent.

Carolyn Mellor, owner and managing director at homes4u, says: “We’re always looking out for new and innovative ways to add value to our services. We believe that the scheme will open up new opportunities for tenants currently unable to move due to up front costs, whilst safeguarding landlords with no hidden risks”.