High-end London lettings agency signs up to Zero Deposit

High end London estate agency Chestertons has signed up with Zero Deposits, one of the deposit replacement services expanding across the rental sector.

The agency, which has 33 branches across the capital, joins other London agencies Knight Frank, John D Wood, Acorn Group, Douglas and Gordon, Foxtons, Barnard Marcus and Kinleigh Foulard and Hayward using Zero Deposits. 

The deposit alternative company says this means it is now present in more than 700 branches or almost 20 percent of London’s letting agent offices “with a host of other London agents in the pipeline and due to be announced shortly.”

“Zero Deposit stood out, not least because it is a regulated provider and we have the utmost confidence that the product is robust. We are seeing increasing demand for the Zero Deposit Guarantee from tenants and are responding to this” claims Richard Davies, Chestertons’ head of lettings.

Meanwhile Ben Harris, commercial director at Zero Deposit, adds: "We're gaining great traction not just in London but across the country. As agents become more comfortable with deposit replacement as an addition to their lettings toolkit, the conversation keeps directing back to how a deposit replacement partner guarantees protection for landlords and tenants, with our regulated and fully underwritten guarantee standing out from the crowd.”

Under the scheme, tenants pay the equivalent of one week’s rent for a guarantee, which is non-refundable and which gives the landlord effectively the same cover as a six-week tenancy deposit. Tenants remain fully accountable for any damage or unpaid rent.