Despite the increasing number of tenancy deposits across the UK, the average value of deposits in England and Wales is almost double the level in Northern Ireland.
The findings were revealed by tenancy deposit protection provider, The Dispute Service (TDS), which operates the Tenancy Deposit Scheme in England and Wales, TDS Northern Ireland and is the lead partner in SafeDeposits Scotland.
In its latest Statistical Briefing report, TDS found that the average deposit in England and Wales in 2018 was £1,110, while in Northern Ireland the average was £587. The Scottish average sits in the middle ground at £675 for 2018.
Across the UK, the average value of tenancy deposits rose year-on-year by, 2% in England and Wales, 1.5% in Scotland, and by 1.4% in Northern Ireland.
As well as the average values increasing, the number of tenancy deposits protected has also risen year-on-year across the UK. In England and Wales, the number of protected deposits rose by almost 1.6% (from 3,691,242 to 3,748,725), while in Scotland an additional 9,441 deposits were registered between 2017 and 2018 (an increase of nearly 4.7%).
Northern Ireland experienced the largest growth in the number of tenancy deposits protected between 2017 and 2018; an 8.97% uplift (from 49,102 to 53,510).
Steve Harriott, chief executive officer at TDS said, “While the report highlights broad differences between the constituent countries of the UK, it hides more local disparities. For example, the average deposit value in England and Wales does not reflect the difference between central London and areas with lower average deposits.
“The report does, however, demonstrate that the private rented sector is continuing to grow, with an increase in the number of deposits protected and their value across the UK. There are, of course, a number of reasons behind the growth, but as the sector expands, we continue to see the numbers of deposits protected increasing.”