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Scheme reports £100 million
increase in Tenancy Deposits
The value of deposits protected by
the Tenancy Deposit Scheme grew
£100m last year, The Dispute Service
has revealed.
In its latest Annual Review published
today, The Dispute Service has
announced that the scheme protects
over £1.3bn in tenancy deposits; an
increase of £100m since March 2014, and
£300m more than the other providers
of deposit protection. TDS also saw
a substantial 25% increase in deposit
disputes to 11,900, which as the only
scheme allowing landlords to raise
disputes is in part owing to a continued
growth in membership.
Also operated by The Dispute Service,
TDS Northern Ireland protects an
astonishing three-quarters of registered
deposits in the region, two years
into deposit protection regulations.
SafeDeposits Scotland, for which The
Dispute Service provides key functions
including dispute resolution, IT, and
finance, is also the strong market leader
holding 60% of protected deposits at
the close of the last financial year.
The marked differences across the UK
private rental market are also clear, with
the report showing the average England
and Wales deposit of £1,181 to be almost
double that of Northern Ireland, where
it is £592. The average deposit held by
SafeDeposits Scotland is £690.
In other developments, the company
continued investing its quality of service
and achieved recognitions from several
external accreditation schemes; the
Customer Service Excellence Standar