Tenant deposits dip slightly in Brighton and Hove but remain well above national average

The price of a deposit for tenants in Brighton and Hove dipped slightly in the latest quarter for which figures are available but remained well above the national average.

The Deposit Protection Service (DPS) said: “Tenancy deposits for properties with Brighton’s ‘BN’ postcode averaged £1,173.87 during the first quarter of 2017, according to the DPS quarterly Tenancy Deposit Ratings.

“Tenancy deposits are usually among the most expensive costs when renters move into a new property.

“The DPS figures show that those renting a home in the district between January and March this year had to pay on average £206.03 (21.29 per cent) more than the national average during the same period (£967.84).”

Julian Foster, managing director at the DPS, said: “Over the last ten years the DPS has protected almost five million deposits across England and Wales and we’ve generally seen deposit sizes increasing during this time.

“Tenants need to consider that the deposit for their next property may be greater than the sum protected for their current residence and plan ahead so that they can make the house move they want to make without any financial barriers.

“Whatever the cost, however, both landlords and tenants are assured peace of mind during their tenancy and fairness when it ends when using the DPS’s popular, easy-to-use and secure systems.”

The DPS said that its figures also showed the relative cost of renting locally compared to London.

Deposits for properties with a “BN” postcode averaged £657.27 (35.89 per cent) less than those in the capital (£1,831.14).

The Tenancy Deposit Ratings also suggested that the average deposit for properties in Brighton were £44.25 (3.92 per cent) more expensive than those in the nearby Tonbridge TN postcode.

Brighton’s figure was £15.29 (1.58 per cent) cheaper than during the preceding quarter (£1,189.16) and £23.20 (2.4 per cent) cheaper than during the same period (January to March) in 2016 (£1,150.67).