Scottish tenancy deposits £100 cheaper on average than England

Scottish tenancy deposits are £100 cheaper on average than England and Wales; while in Scotland Edinburgh is the most expensive area, according to the Letting Protection Service Scotland (LPSS).

New renters in Scotland paid out on average almost £800 for a tenancy deposit over the last year, the LPSS said.

When tenants move home they typically pay their landlord a deposit to insure against damage or other cost incurred while living at their new address, and by law landlords must protect this money with an authorised tenancy deposit protection scheme.

Between June 2015 and May 2016, the average deposit across Scotland cost £794.11: £102.89 (11.47 per cent) cheaper than the average for properties across England and Wales during the same period (£897.00).

Julian Foster, managing director at the LPSS, said: “Tenancy deposits give landlords peace of mind when they rent out property, but they are usually large sums and are often the most financially demanding aspect of moving house.

“Nevertheless, when landlords protect the money with the LPSS, renters can also be assured that their money is safe throughout their tenancy, and that they’ll have recourse to free, impartial adjudication if there is a dispute when they moved out.

“Both landlords and tenants need a deposit protection service that is fast, efficient, clear and communicative, and the LPSS has been entrusted with thousands of deposits since we launched in 2012.”

According to the LPSS’ statistics, Edinburgh’s “EH” postcode has the most expensive tenancy deposits in Scotland on average (£908.44): a figure more than double the average for rented homes in Kirwall’s “KW” district, which is Scotland’s cheapest (£441.67).

Deposits for properties around Aberdeen (£860.39), Kirkcaldy (£794.11) and Falkirk (£744.21) all average over £700, with the figure for the Outer Hebrides (£464.00) and Dumfries and Galloway (£499.35) averaging below £500.

Properties with Kingston-upon-Thames’ “KT” postcode have the most expensive tenancy deposits in the United Kingdom on average (£1,715.25): more than double the average for Scotland and almost four times as expensive as properties in and around Kirwall.

The cheapest average in England and Wales was Liverpool’s (£445.00), which was just £3.33 more expensive than Kirwall’s.