The 60-branch London focussed agency chain Kinleigh Folkard & Hayward is the latest agency to invest in Zero Deposit.

The firm joins Andrews, Connells, LSL Property Services, Acorn Group and Knight Frank as agency investors, in addition to Zoopla and financial investors as part of the government-backed future fund.

Paul Masters, group operations director at KFH, says: “We’ve partnered with Zero Deposit since June 2018 so have witnessed first-hand the demand for the product and the value it provides to our lettings branches.

“The positive trajectory of the deposit replacement market will only accelerate and backing Zero Deposit helps us to capitalise on that, while ensuring landlords and tenants have the security of a market leading product.”

Zero Deposit says it now works with more than 75 per cent of the UK’s top 50 letting agents that use deposit alternatives.

Sam Reynolds, Zero Deposit chief executive, says: “We see daily examples of how moving with a Zero Deposit Guarantee makes renting easier, faster and fairer. Working with KFH and their enhanced market presence in London makes that a reality for even more landlords and tenants.”