MK tenancy deposits are 20 per cent higher than average

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Tenancy deposits in Milton Keynes are 20 per cent higher than the average for England and Wales, new research has shown.

The latest statistics released by The Deposit Protection Service (The DPS) showed that deposits averaged at between £996.79 and £727.48 from August 2014 to July 2015

This was more than £700 cheaper than in London, which averaged at £1,724.27.

But MK’s figure was £160.42 higher than the average for England and Wales.

Julian Foster, Managing Director of The DPS, said: “Tenancy deposits give landlords the security they need while their property is being rented out.

“Tenants are also provided with peace of mind when The DPS protects the money during their tenancy, as it provides free, impartial adjudication if there is a dispute at the end of the tenancy.

“Both landlords and tenants need a deposit protection service that is fast, efficient, clear and communicative, and The DPS has been entrusted with over 3.2 million deposits since we launched in 2007.”