Another deposit alternative provider names new agency...

Competition between various deposit alternative providers continues apace, with one of the earliest companies - Reposit - naming a new agency customer.

X1 is an independent agency in the North of England with properties in Manchester, Liverpool and Leeds; it has some 4,000 tenants across 19 properties.

The new deal follows one by Reposit with Webbers agency in the South West and Pattinson, in the North East, as well as nationwide distribution partner, Tenant Shop

“Reposit has always been designed to improve the affordability of moving home for tenants across the UK. It is important for us to empower young people in major cities in the North of England to be able to choose from a more diverse pool of properties. We are excited to see what the take-up is and how tenants and landlords enjoy our service” says Jude Greer, chief executive and founder of Reposit.

Meanwhile Zero Deposit has issued a statement marking its first year in business, saying it has guaranteed nearly 9,000 tenancies, equating to over £10m of deposit cover provided to landlords around the country.

“We decided early on that we wanted to offer the protections that come with Financial Conduct Authority regulation to our customers and partner agents, both to set the bar for our market and to give customers the utmost confidence in our product. Achieving FCA regulation takes considerable investment and places a responsibility on our business to operate to the highest standards. With so many of the UK’s leading agents choosing to partner with us, along with industry bodies such as the Residential Landlords Association, we are pleased to see the industry taking regulation in this area seriously” says Zero Deposit founder and chief executive Jon Notley.