Should I sell or risk tenants buying at undervalue price?9:08 AM, 25th September 2019
About 3 weeks ago 48
With the tenancy deposit protection changes coming into force overnight, research by digital inventory platform Imfuna has found 0% of landlords questioned felt deposit protection schemes are designed in favour of landlords.
Over half of those questioned, 54%, believed they are designed to favour the tenant. Letting agents appeared to agree, 52% had tenants being favoured.
Tenants on the other hand appeared to have little awareness of the schemes, less than half (43%) actually knew about tenancy deposit schemes.
Imfuna creator, Jax Kneppers comments: “The survey presents a picture of landlord disenchantment with the deposit schemes. The fact that not a single landlord surveyed felt they were designed in their favour, shows that there is still some work to be done by all parties in order to democratise the inventory process and ensure that everyone involved feels they are supported in equal measure.”
This disenchantment was further proven by the low percentage of landlords who believed deposit schemes effectively reduce the time disputes take to be sorted (19%), and only 37% believed they minimise conflicts.
Added to this, 42% of landlords have never had a deposit dispute and 30% had settled disputes privately without needing a deposit scheme. Letting agents appeared to agree again, 48% had settled disputes without the use of a deposit scheme and nearly a quarter (24%) had never had a dispute to sort out.
Kneppers adds “The new April 6th ruling places an even greater emphasis on adhering to tenancy deposit schemes regulations. A comprehensive and robust inventory will help arm landlords with the necessary information and ensure they aren’t further penalised when it comes to the check-in / check-out process.
“There is also a case for making use of the technology and expertise available to make the difference in deposit disputes. This is a really exciting time for the property sector which is on the verge of a technological revolution, and we will all soon feel the benefits.”
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