Tenants favour no-deposit schemes claims agent

A regional lettings agency claims it’s seen a 26 per cent surge in tenant and prospect views on properties listed as being in deposit replacement schemes.

East Sussex-based Oakfield, an independent operating in Hastings, Bexhill & Eastbourne, has analysed data collected on its rental stock over the three month period from September to November last year. 

It found the click through rate for properties offering deposit replacement was up across the board, peaking at 26 per cent for one-bedroom properties. This is in comparison to rental stock listed without a deposit replacement in the same period.

Neil Newstead, owner of Oakfield, says: “Without a doubt, offering an alternative to traditional deposits has made our properties more attractive to potential tenants. But this goes way beyond the clicks. In signing up to Zero Deposit, we have also been able to speed up the moving process which we are finding is having a positive result to both tenants and landlords.”

Ben Harris, sales director of Zero Deposit, adds: “At a time when the deposit process is being reviewed as part of the government’s Tenant Fees Bill, this data endorses that there are alternative and existing options in the market that can add value to every party in the chain. 

“Whether that is improving the appeal to tenants by reducing financial outlay, increasing prospective custom for agencies and landlords or simply providing the landlord with the level of security they have become accustomed to through a fully FCA regulated solution.”