This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Tenants Unhappy over Withheld Deposits
Recordings from FindaProperty show a staggering amount of tenants’ deposit money has been withheld during the past three years.
Billions
The findings indicate that tenants have lost around £1.1bn during this period, averaging out at £367m per annum. 40% of tenants said that they had lost part of or all of their deposit, with the average price of money lost totaling £313 per tenant.[1]
Around 20% of tenants questioned said that they had in excess of £500 withheld. The same figure suggested that they were penalised due to damage caused by previous tenants, with 10% taking legal action to try and gain their money back.[1]
Common causes
Some of the most common reasons for deposits not being returned fully to tenants were costs of cleaning (37%) and damage to curtains/carpets (21%). Other reasons for charges were marks on the walls of the property (19%) and unkempt gardens (13%).[1]
A worryingly high 43% of tenants that experienced having their deposits withheld said that they felt the amount of money charged for carrying out any repairs seemed to be considerably more than what they would consider fair.
[1] http://www.landlordtoday.co.uk/news_features/Tenants-unhappy-over-witheld-deposit-money
