The Deposit Protection Service says it is now protecting the most deposits in the five years since it launched.
The DPS, which physically protects the money, says it is protecting 870,000 deposits worth £685m for 300,000 landlords and letting agents and over 1,250,000 tenants.
During the last five years, it says that over 59,000 landlords have registered with the scheme each year, and over 4,000 letting agents have signed up each month to register deposits.
There has been annual growth of 42% in the number of tenancies registered with it.
The DPS was five years old on April 6, and during its previous year of operation, over 62,000 new landlords registered.
There were 6,056 adjudications over deposit disputes, with tenants proving the winners.
Just 16% were awarded solely to landlords, while 36% were awarded solely to tenants, and in 48% of cases there were split awards.
The scheme made its millionth deposit repayment to tenant Yvonne Stenning, whose deposit was protected by Wendy Carman of letting agent Molica Franklin in Littlehampton, West Sussex.
Comments
@ IO
That's exactly my point, he or she doesn't have anything to say about it.
After speaking to three different people at DPS, it quickly became apparent that they probably don't know the difference between a monetary order and a relatively straight forward APP eviction hearing. They keep referring to their rule 29 but its clear they don't know why one would obtain a court order for possession that wouldn't have a monetary order.
My one and only attempt at getting a judge, via counsel, to include the words " This judgement does not affect the tenants deposit held by the DPS" or similar met with a very stony "No, it is not relevant to this matter"
Rule 29 of the DPS scheme rules is at fault because it fails to recognise that a court order might be for something other than a monetary award.
@Ray Comer
Why in an APP application which is for possession of the property and nothing else, no money other than fixed Court costs, not arrears and not the deposit, would a Judge have anything to say about what should happen to the deposit?
A Judge will only determine that element either if a plaintiff is specifically asking for the deposit in a hearing nothing to do with a TDP Scheme i.e. having been in a dispute and refusing ADR the Landlord (or Tenant) takes the other to Court.
Or more likely if it is a Stat Dec hearing where the Judge then orders how the deposit should be dispersed.
In both those cases you have to make sure he adds the necessary words on the Order authorising DPS to pay out or else DPS still will not pay out. An Order simply confirming the landlord is entitled to it is not enough.
@ Chris
It beggars belief that they think we can't count.
Its easy to get upto 870,000 deposits when you're not returning them. Yet again we are faced with a situation where they are keeping the deposit - they call it suspended - because the judge on a straight forward AP eviction hearing hasn't confirmed that the deposit can be returned - even though there is no money order and copies of the eviction order and other court paperwork was included.
Paperwork returned to us? not on your nelly, it went straight in the bin probably, not even a phonecall, email or letter to advise us.
Last one took them 8 months before they paid out; this one the landlord will in all probability lose his house first :(
They'll have a few less deposits to worry about by the time I've transferred all of our over to our account with TDS
"...over 4,000 letting agents have signed up each month to register deposits."
How can 4,000 letting agents sign up each month when nationally there are around 13,000 in total? 48,000 letting agents signing up each year - this is confused or misleading.
How long before the next government bail out?