Some landlords still holding unprotected deposits.
According to a survey carried out by Centre for Economics and Business Research (CEBR) on behalf of comparison website money.co.uk it states some UK landlords are still not complying with deposit protection rules, the research revealed that figure to be 284,000 of Britain’s 1.9m landlords.
These landlords who fail to protect the deposit are leaving renters without third party protection and open to the possibility of losing their deposits when they terminate their tenancy, the report indicated that landlords that deliberately disregard the legislation could together be earning up to £8.5m a year in interest on such unprotected money.
Hannah Maundrell, editor in chief of money.co.uk. reportedly said: “The government needs to step in and take decisive action. Introducing a compulsory register listing every landlord that rents out property in England and Wales would be a start. This works for Scotland and Northern Ireland and it seems crazy this hasn’t been brought in across the UK.”