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| News » Commercial Property Law » Westminster 'tops the deposit table' |
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20/02/2009
Westminster 'tops the deposit table' |
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It has been found that Westminster is the most expensive place to rent in the UK.
However, new research from the Deposit Protection Service (DPS), which measures the average deposit demanded by landlords, has revealed that Westminster has become slightly cheaper in the last six months.
According to the DPS, the average deposit required to rent in the area in December 2008 was £1,890, down £19 from June 2008.
The City of London (£1,808) and Islington (£1,542) make up the remainder of the top three, followed by Kensington and Chelsea (£1,478) and Tower Hamlets (£1,466).
Kevin Firth, director of the DPS, says the table shows that "at a time when house prices are plummeting, rental values are holding up comparatively well – and that could explain the hundreds of new landlords the Deposit Protection Service signs up every day."
Since April 6th 2007, every deposit-taking landlord and letting agent in England has to use one of two tenancy deposit protection methods for any new or updated tenancies - the two methods are either a custodial or an insurance-based scheme.
Under the legislation, landlords who fail to do so risk being fined up to three times the value of the deposit - which could be £5,670 in Westminster - while they could also lose their eviction rights. |
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