The Deposit Protection Scheme (DPS) one of the governments approved tenancy deposit scheme providers has broken new records in protecting deposits after recruiting a large number of new letting agent members.Kevin Firth, director of DPS – the only scheme which physically takes deposits, as opposed to insuring them – said that last month was the busiest in the scheme’s three-year history, protecting over 48,000 deposits. At the start of this month, 3,800 deposits were protected in a single day.
He said yesterday on his website: “When we launched, we were aimed at private landlords with small property portfolios. However, the DPS has proven popular across the whole industry, including large portfolio landlords and letting agents.
“We’re continually told by agents that tenants feel safer when their deposit is protected by a trusted third party rather than the agent or landlord – and they would prefer to choose an agent that has our sticker in the window.
“In the last year we have taken on 4,295 new letting agents; the largest influx in the first four months of 2010, presumably the combined effect of low interest rates and the TDS fee increases.
“In short, our scheme is a viable and popular option for agents and we’re happy to talk to anyone who wants more information.”
The DPS is also introducing a new facility for 'bulk uploading' properties aimed at catering for letting agents.
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