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More than 4 million people live in the private rented sector, yet when moving home, some tenants can find it a struggle to provide a second deposit to their new landlord, risking falling into debt or becoming trapped in their current home. Ministers want to understand the scale of this problem.
Ministers are inviting proposals to make it easier for renters to transfer deposits directly between landlords when moving from one property to the next.
Freeing up deposits and allowing a renter’s hard-earned cash to follow them from property to property as they move to take that perfect job, to move nearer to family, or find a place that suits their changing needs will create a fairer housing market that works for all.
Director of policy and practice at the NLA, Chris Norris, said: “The idea of deposit passporting has been around for a while now, so it comes as no surprise that the Government is considering it. Mr Brokenshire acknowledges that if this is to be implemented it must be done thoughtfully, but we must make sure that adequate thought is given to the needs of both tenants and landlords.
“Everyone agrees that moving between tenancies should be made easier and cheaper, but we also need to recognise why landlords take deposits. A deposit protects against damage or default, so landlords must be confidence their costs are covered before releasing the tenants’ money.”
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