Landlords join my|deposits in record numbers

As the only scheme specifically designed to allow landlords to keep hold of the deposit themselves throughout the tenancy, my|deposits now has over 74,000 landlord members.

my|deposits has also seen a 15 per cent increase in deposit protections in August compared with the same period last year, showing that it is the scheme of choice for many landlords and letting agents.

my|deposits currently protects more than £611 million worth of deposits on behalf of tenants across England and Wales. Since starting in 2007, my|deposits has protected a total of £1.2 billion worth of deposits.

Eddie Hooker, CEO of my|deposits, commented:

"my|deposits continues to grow as landlords see the benefits of being able to hold onto the deposit money themselves for the duration of the tenancy and deal directly and promptly with the tenant when they move out.

"The increase in rental demand across England and Wales has seen a rise in rents and deposit amounts.  We are the only scheme giving landlords the freedom to hold onto that money whilst complying with the law.

"More landlords and letting agents are using my|deposits instead of handing the deposit over to a third party for safekeeping. We also find that tenants prefer us too, as their deposit can be returned immediately on the day they move out.

"We currently protect more than £611 million worth of tenant's money, giving them peace of mind and proving that tenancy deposit protection works."