The lucky renter was handed the bumper refund under the Tenant Fees Act which came into force in June last year. The legislation states that a refundable tenancy deposit must be capped at no more than five weeks' rent where the total annual rent is less than £50,000, or six weeks' rent where the total annual rent is £50,000 or above. The average deposit repayment made to tenants on a renewal has been £317.06, since the new laws were introduced. According to the Tenancy Deposit Scheme (TDS), a Government-approved tenancy deposit protection scheme, deposits have typically fallen from 5.5 weeks rent in April to 4.76 weeks in December. Among many things, the new guidelines mean that security deposits are capped at a maximum of five weeks’ rent for tenancies with an annual rent of less than £50,000 - or a maximum of six weeks’ rent for tenancies where annual rent is £50,000 or more.

Source: Daily Mirror February 02, 2020 04:52 UTC