Proposed tenancy "lifetime deposits" flawed

Posted: 9/6/2021

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The government recently proposed a new renters' "lifetime deposit" scheme. This would allow tenants' deposits to be transferred from one agent/landlord to another when they move. The idea might seem good, as this would in theory allow tenants to move without being out of pocket to the tune of another deposit for anywhere between a few days to a few weeks, but industry experts have warned that the scheme is flawed. The main issue is that a deposit transfer would not be authorised until the tenant leaves and the property checked. If the tenant wants to move straight into a new property then this would not work as the new agent landlord would require a guarantee that the deposit would be transferred in full. It also fails to take account of differences in deposit amounts. Of course badly thought out housing policies are nothing new....

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