Tenants are being offered schemes that do away with the need for large amounts upfront
Scraping together a deposit on a new flat is always tough for tenants, with the average amount demanded now more than £1,400 in England and Wales. Would you rather pay an insurance fee of about £300 – which you won’t get back – or find the money for the deposit? That’s the deal being dangled in front of tenants by some of Britain’s biggest letting agents.
Rental deposits have soared in recent years, with tenants frequently asked to put down the equivalent of two months’ rent, which they won’t see returned for possibly years – and then with possible deductions.
Related: UK house prices fall at fastest rate in six years on back of Brexit – Rics
Tenants, after paying the insurance premium, can be left with having to fork out again if the landlord claims on it
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