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TODAY'S OTHER NEWS

ZPG-backed Zero Deposit scheme signs up more independent agencies

More independent lettings agencies - Anthony Pepe, Let Leeds and Alexander & Co (formerly kaleidoscope Group) - have signed up to the ZPG-backed Zero Deposit scheme.

The deposit replacement scheme, founded by ZPG’s former commercial director Jon Notley, is also backed by Connells, LSL Property Services and Knight Frank amongst others. 

Tenants pay the equivalent of one week’s rent for a Zero Deposit guarantee, which is a regulated financial product. 

The guarantee is non-refundable and gives the landlord effectively the same cover as a six-week tenancy deposit. The tenants remain liable for damage or unpaid rent, and disputes over claims can be sent to TDS.

Charlie Perdios, managing director of Anthony Pepe, says: "In just our first few weeks of working with Zero Deposit we have had some great results and our landlords can clearly see the benefits of offering this solution to their tenants.” 

And Paul Broomham, commercial director at Alexander & Co, says: “The TDS handling the arbitration is a big plus for us and with it being regulated by the Financial Conduct Authority it means that our landlords get both the benefit of extra marketing coverage with the same protection as they get with a traditional security deposit." 

Meanwhile Luke Gidney of Let Leeds says: “By partnering with Zero Deposit, we are now able to offer our tenants a choice of how much money they need to put down up front; this means more flexibility for them and, just as importantly, the same level of assurance for our landlords, to ensure that they are happy too. We are delighted to be the first agent in Leeds to offer this service and expect many of our Tenants, particularly within the student market, will benefit from this more modern approach to the deposit system.”

Poll: Are deposit-alternatives the way forward for the rental sector?

PLACE YOUR VOTE BELOW

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    In my opinion if a tenant can't come up with a security deposit they are probably a high risk tenant so are best weeded out at this stage. Also I don't understand why someone would want to keep paying a non refundable insurance premium equal to 17% of a refundable deposit,it seems a real waste of money. Nor is my head around what the tenant is getting for their money if "the tenants remain liable for damage or unpaid rent" ... rather makes me wonder what the tenant can claim for with this insurance.

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    TDS are useless as acting as am arbritrator. Even with proven Facts, Inventories, Inspection reports every 3 months,photos, invoices, quotes, statements from experienced individuals they still favour the tenant and their lies and unproven or backed up facts.

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