The typical deposit paid when a tenant moves to a new property in England and Wales is set to break the £1,000 barrier according to research from the Deposit Protection Service.
The DPS figures reveal that those renting between April and June had to pay on average £970.48 as a deposit when moving in.
This was a £41.50 increase – equivalent to 4.47 per cent – when compared with January to March, almost 12 per cent more than two years ago.
“Tenancy deposits give landlords peace of mind when they rent out property but they are usually large sums and are often the most financially demanding aspect of moving house” explains Julian Foster, DPS managing director.
The average for properties with London postcodes (£1,799.11) was the highest in the country.
Properties with Durham’s ‘DR’ postcode were the cheapest in the country, with new tenants having to submit just £467.76 as a tenancy deposit.
Twickenham (£1,596.38), Enfield (£1,562.97) and St Albans (£1,562.04) all joined Kingston and London in the top five most expensive areas for tenancy deposits.