18 Jan

More buy to let owners took out protection in 2010

More buy to let owners took out protection in 2010

More buy to let owners took out tenancy deposit protections in 2010 than they did the previous year, according to a report.

Yesterday (January 17th 2011), MyDeposits.co.uk revealed that there has been an increase in the number of letting agents taking out the cover, with 65 per cent more purchased last year than in 2009.

Eddie Hooker, chief executive of the group, said the protection allows letting agents to "control the deposit during the tenancy on behalf of their landlords".

He added that the number of agents has more than doubled since 2007 and there are now seven times more landlords with the protection.

It reported that each agent bought 46.3 protections on average in 2010, as it enables them to access a dispute resolution service to sort out disagreements regarding deposits at the end of a tenancy.

Last month, MyDeposits.co.uk announced it had reached a milestone of protecting its one millionth deposit and as a result donated £1,000 to a charity. ADNFCR-1222-ID-800349467-ADNFCR

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