The government has failed in its attempt to speed up the process of returning deposits to tenants to such an extent that some landlords are now shying away from offering deposits altogether, it has been suggested.
The Tenancy Deposit Scheme (TDS), launched in April, has presented landlords with too much red tape and consequently property owners are now looking to avoid it altogether, the Residential Landlords Association (RLA) has said.
Nonetheless the RLA urged caution when it comes to choosing a tenant without asking for a deposit beforehand.
"You have to be ever more vigilant… [With the new Tenancy Deposit Scheme] a lot of landlords are therefore going away from taking deposits, because they don't want the rigmarole and the administration and the nonsense that the Government's introduced," commented RLA director Alan Ward.
"The government failed in its objective […] you've still got two weeks before the money gets back to the tenant," Mr Ward added.
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