The average tenancy deposit across the UK in 2018 was
£1,110, following an increase across all locations, according to the latest
Statistical Briefing report from the Tenancy Deposit Scheme (TDS).
The report highlights the increasing value of tenancy
deposits and number of deposits protected in England, Wales, Scotland and
Northern Ireland, but there are regional differences in the average tenancy
The average tenancy deposit value in England and Wales is
almost double the level in Northern Ireland, although the TDS points out that
significantly higher deposits in London distort the overall picture.
According to the TDS, the average tenancy deposit in England
and Wales last year was £1,110. In Northern Ireland, it was £587, while the
Scottish average sat in the middle, at £675.
Across the UK, the average tenancy deposit increased in
value between 2017-18, by 2% in England and Wales, 1.5% in Scotland, and by
1.4% in Northern Ireland.
Alongside the average tenancy deposit value increasing, the
number of deposits protected has also risen year-on-year in the UK.
In England and Wales, 3,748,725 deposits were protected,
which is up by almost 1.6% from 3,691,242 a year earlier. In Scotland, an additional
9,441 deposits were protected between 2017-18 – an increase of nearly 4.7%
Northern Ireland experienced the greatest growth in the
amount of tenancy deposits protected year-on-year, at 8.97%, from 49,102 to
Steve Harriott, the Chief Executive Officer at the TDS, says: “While the report
highlights broad differences between the constituent countries of the UK, it
hides more local disparities. For example, the average deposit value in England
and Wales does not reflect the difference between central London and areas with
lower average deposits.
report does, however, demonstrate that the private rented sector is continuing
to grow, with an increase in the number of deposits protected and their value
across the UK.”
He adds: “There
are, of course, a number of reasons behind the growth, but, as the sector
expands, we continue to see the numbers of deposits protected increasing.”
and letting agents must be aware that security deposits will be capped at five
weeks’ rent under the upcoming Tenant Fees Bill.