Withheld deposits cost tenants £1.1bn
TENANTS have lost £1.1bn in the past three years, averaging £367m per year, as a result of deposits being withheld.
According to FindaProperty, 40 per cent of tenants in the last three years have lost some or all of their deposit, with the amount averaging £313 per tenant. One in five said they had had more than £500 withheld.
One-fifth of tenants claim they were penalised because of damage caused by previous tenants, and 10 per cent resorted to legal action to try to recover withheld deposit money.
The most common reason for deposit monies being withheld was to cover the cost of cleaning (37 per cent) and damage to carpets and curtains (21 per cent).