TENANCY DEPOSITS TO BE CAPPED AT 5 WEEKS RENT FROM SPRING 2019
It has been announced by the Government this afternoon, that the amount an agent or landlord can ask for a tenant’s deposit is to be cut from 6 weeks rent to 5 weeks – for annual rents of under £50,000. For rents above £50,000 per annum, the maximum deposit will be capped at 6 weeks rent.
This move has been announced as part of the Tenant Fees Bill which is due to come into force in the spring of 2019. More information on this Bill and how it will affect landlords and tenants, will be updated on our website as soon as we have further clarification from the government.