URGENT ACTION!
Right now the government is redesigning the deposit protection system which means we have a huge opportunity to speed up the return of deposits when we move home.
While deposit passporting is our main campaign on this page, it is a long term goal.
Much more achievable in the short term are tougher rules on landlords to make claims at the end of a tenancy and return our cash when we need it the most.
We have a petition on 38 Degrees, and don’t have much time to get the signatures we need – please head over and add yours today!
Renters currently pay an average £1,150 for a deposit, on top of other moving costs and overlapping rent.
Most of the time we have to find the new deposit before getting our old one back. While ‘deposit alternative’ products exist, these often cost tenants more than we would pay for a standard deposit – and we get nothing back. This means our finances are being stretched at an already difficult time, and many people end up borrowing money to help cover costs.
Landlords and letting agents must protect deposits in protection schemes, but tenants often still face problems. Our research shows that 1 in 4 renters have received unfair deductions on their deposit, but the overly complex system means many are put off from disputing them. Landlords are also allowed to refuse adjudication by the scheme if there is a dispute. However, at least 7% of renters find that their landlord hasn’t even protected their deposit.
In addition, even though interest rates have gone up, very little of the interest on deposits – if anything – makes its way to our own pockets. 4% interest on £5bn of tenants’ money could do a lot of good.
Generation Rent’s research shows a clear need for change. As well speeding up existing processes, ending insured deposit protection schemes, and making sure rules are properly enforced, the deposit protection system could truly work for tenants. Firstly, we should be able to protect our own deposits and make sure landlords don’t flout the rules. But by only having one deposit protection provider, we could have a simpler, transparent system where deposits could be invested and the interest used for all tenants. This money could help fund deposit ‘passporting’ – transferring deposits between tenancies – as well as advice and support, and a deposit guarantee scheme. Our latest reports can be found here.
Join the campaign and sign our petition to call for deposit ‘passports’ that would allow tenants to move our deposits between tenancies, saving hundreds of pounds in upfront costs.
Sign our petition calling for deposit passporting.
Add Your Signature Now
We, the undersigned, call on the Housing Secretary to introduce a system of deposit passporting where tenants can transfer the deposit on their current home to their new home. This would mean needing to find less cash at a time when you’re already stressed out
