10:24 AM, 8th June 2018, About 4 years ago 19
Under the current Tenant Fees Bill the proposed maximum tenant deposit will be 6 weeks rent. However, Shadow Housing Minister, Melanie Onn, wants this to be a 3 week maximum saying: “Labour is fighting for a new three-week limit for rent deposits. The current deal for private renters is unacceptable. Labour in government would do more to protect them.”
David Cox, Chief Executive of ARLA Propertymark, pushed back telling the Property Industry Eye:
“As I laid out to the Public Bill Committee on Tuesday, the purpose of the deposit is to mitigate against unpaid rent and damage to the property. Many tenants do not pay the last month’s rent which is then covered by the security deposit.
“This amendment won’t allow for that, which risks leaving a landlord without the full final month’s rent or repairs for any damage. It’s not clear how this proposal of three weeks’ deposit has been worked out.”
The Tenant Fees Bill is still receiving evidence until 5pm June 12th and has had it’s second reading in Parliament.
Many Property118 landlords are now saying they prefer not to take deposits due to the hassle involved with deposit protection and arbitration and are instead looking to rely on guarantors. This would definitely increase if the deposit didn’t even cover one months rent.
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