The DPS has ‘£1billion’ birthday celebration

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The Deposit Protection Service (DPS) has returned over £1bn in tenancy deposits to tenants and landlords in England and Wales.

The DPS is the only custodial scheme in England and Wales,  although it has now also launched an insurance backed service, and has been going for six years since compulsory tenancy deposit protection has been in place.

The DPS has repaid just over £1,125,000,000 to tenants and landlords across England and Wales.

DPS director Kevin Firth said: “It’s something to be proud of, certainly, and we’re grateful for the trust placed in us. But I also see it as evidence that deposit protection legislation has been a huge success.”

The DPS is now used by over 335,000 landlords and over 27,000 organisations such as letting agents.

It is currently managing over a million deposits, up 17% on 2011/2012, while it has a dispute rate of just under 2% – translating into 7,400 disputes last year.

About 62,000 new landlords and more than 5,400 lettings organisations joined last year.

See DPS Article HERE

 

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