A lettings agent says ‘times are changing with deposits” and claims more landlords and tenants are choosing alternatives. 

The comment by Paul Buck – lettings director at Boydens agency – is contained in a statement from deposit alternative service Reposit, which claims it sales rose by 28% in the first half of 2024. 

Buck “states: I honestly do think times are changing with deposits. Both landlords and tenants are expecting us within the industry to keep developing and creating services that work for them, rather than sticking to the old fashioned processes.” 

During the first half of this year, Reposit increased the number of partnerships among estate agencies including the family-owned agency Boydens, and some 100 new partnerships in the Build To Rent sector. 

Reposit chief executive Ben Grech says: “We’ve seen a huge rise in demand for our FCA-regulated product as it continues to become recognised for the value it offers to agents, landlords and tenants alike. Landlords, letting agents and BTR operators are keen to secure Reposit’s cover of eight weeks rent – 60% more than the cash schemes. 

“The additional protection provides reassurance around rent arrears – particularly in times of economic difficulties – whilst expanding their offering to tenants and residents with a more sophisticated choice of products. It also frees up admin time significantly – a huge benefit which is becoming widely acknowledged. 

“For tenants, the benefit of having to pay drastically less at the start of a new tenancy is immediately obvious – especially as the average cash deposit is now £1,136.”