More letting agents using Mydeposits

Tenancy deposit scheme mydeposits.co.uk has seen a sharp increase in the number of protections taken out by letting agents over the past year.
 
Agents purchased 65% more deposit protections in 2010 compared with 2009.
 
Each agent purchased an average 46.3 protections last year, compared to an average 28.2 protections in 2007 when mydeposits.co.uk launched.
 
The service was originally aimed at individual landlords, and they have taken out nearly half of all protections during that time at 49%.

However, the service has been steadily attracting more agents, including LSL and Countrywide, both of which defected from the TDS.
 
Eddie Hooker, chief executive, said: “Mydeposits is able to offer the same deposit protection and award-nominated dispute resolution services to both landlords and agents.
 
“Agents are turning to mydeposits because they see the benefits of being able to control the deposit during the tenancy on behalf of their landlords and because of our simple, transparent fee structure.
 
“The number of agents on our books has more than doubled since we launched in 2007.”