Right now it costs an average of £1,107 to put down a deposit on a new home to rent.
This is a huge amount of money to raise, particularly when you already have a similar sum already locked away in a deposit protection scheme for the home you are leaving.
The deposit allows landlords to recover the costs of damage or unpaid rent. But at the point you're signing a new tenancy, you will have normally paid the last month's rent. You should therefore be able to access an equivalent amount from the current deposit, subject to conditions.
We, the undersigned, call on the Housing Secretary to introduce a system of deposit passporting where tenants can transfer a portion of the deposit on their current home to their new home. This would mean needing to find less cash at a time when tenants are already stressed out.