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TODAY'S OTHER NEWS

Deposit alternative provider strikes deal with regional agency chain

Tenancy deposit alternative provider Reposit has been taken on by Devon-based agency chain Webbers. 

The agency’s 15 offices operate in north Cornwall, Devon and Somerset, and this is its first involvement with a deposit alternative service.  

Since its introduction last month, Webbers claims a 40 per cent take up from new tenants. 

According to Webbers’ data, the average rent in the area is around £750 per month, on top of which tenants are asked to pay five week’s worth of deposit, reaching up to £1,000. 

Instead of paying four to five weeks rent as with a traditional deposit, tenants pay the equivalent of one week’s rent as a non-refundable service charge, which provides landlords with eight weeks’ worth of protection. 

“We’re proud that we can extend our services to yet another region of the UK and bring tenants in the south west the possibility to move faster and more easily. Our mission to make deposit replacements a norm is well on the way” says Jude Greer, co-founder and chief executive of Reposit.

Poll: Do you think tenancies with deposit alternatives will eventually outnumber those with deposits?

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