The majority of deposits protected by landlords in London are returned to their tenants, according to Government figures.
Over the past decade, most tenants in London received their deposits back at the end of their tenancies.
The Housing Minister, Gavin Barwell, provided data on the number of deposits protected, submitted and returned in London over recent years, following questioning from Labour MP Diana Johnson on how many deposits are adjudicated before being returned.
Although the figures do not reveal whether the deposits were protected in custodial or insured schemes, they do show that 545,937 deposits were protected in 2015-16 by one of the three Government-approved deposit protection schemes in England. This is up from 499,098 in the previous year.
The three tenancy deposit protection schemes that landlords with properties in England can protect deposits in are: the Deposit Protection Service, MyDeposits and the Tenancy Deposit Scheme.
Barwell commented: “Overall, 98% of all deposits protected in England since the launch of the tenancy deposit scheme in 2007 are returned to the tenant at the end of their tenancy.”
Since 2011-12, the number of deposits protected in the capital has risen steadily, aside from a dip in 2012-13. Over the past four years, the amount of deposits protected has increased from 434,031 to 545,937.
On a yearly basis, the figures show that the majority of tenants do indeed receive their deposits back at the end of their tenancies.
In 2011-12, of the 74,202 deposits submitted, 55,550 were returned. Similarly, of the 77,709 in 2012-13, 62,341 were given back, while 67,583 of the 82,613 submitted in 2013-14 were returned.
More recently, 70,105 of 88,465 were given back to tenants in 2014-15, while 76,305 of 90,849 were returned in 2015-16.
Landlords, remember that you are legally obliged to protect your tenants’ deposits in one of the three Government-approved schemes in England. This guide explains exactly what you must do, and the consequences of not complying with the law: https://www.justlandlords.co.uk/news/landlords-guide-tenancy-deposits-and-rent-arrears/