Cost of moving into new home more than £400 cheaper in Hartlepool

Renters moving into a new property in Hartlepool pay deposits almost half as much as those in other parts of the country.

Friday, 2nd September 2016, 5:00 am

Those renting a home with a TS postcode between April and June had to put down an average deposit of £553.46 – £417 (434%) cheaper than the national average of £970.48, during the same period.

The quarterly Tenancy Deposit Ratings have been published by The Deposit Protection Service (DPS).

Landlords ask for deposits to insure against damage or other costs and by law they must protect that money with an authorised tenancy deposit protection scheme.

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The Deposit Protection Service says the cheaper deposits required in Cleveland reduce the financial burden of moving for renters.

Julian Foster, managing director at The DPS, said: “Tenancy deposits give landlords peace of mind when they rent out property, but they are usually large sums and are often the most financially demanding aspect of moving house.

“Nevertheless, when landlords protect the money with The DPS, renters can also be assured that their money is safe throughout their tenancy, and that they’ll have recourse to free, impartial adjudication if there is a dispute when they move out.

“Both landlords and tenants need a deposit protection service that is fast, efficient, clear and communicative, and The DPS has been entrusted with over 3.2 million deposits since we launched in 2007.”

The DPS’ figures also revealed the relative cost of renting in the TS postcode area averaged £1,245 less (69.24%) than for those living in London.