The average value of protected deposits in the Liverpool rentals sector is on the rise, a study suggests.

Data from the government-backed Tenancy Deposit Scheme (TDS) has shown that the average deposit for a property with an L postcode was just over £642 at the end of March 2015, a figure which has risen to more than £695 one year later.

The number of protected deposits also saw a significant rise during the 12 months in question, increasing from 74,907 to 75,473.

On a national level, the TDS data suggests there were 3.426 million deposits protected across England and Wales by the end of March 2016, a year-on-year increase of 360,000.

The total value of deposits protected topped out at £3.567 billion, an increase of £379 million over the year, although the average value saw only a minimal increase, rising to £1,041 compared to £979 four years ago.

Steve Harriott, chief executive of the TDS and the new TDS Custodial scheme, says: “These figures demonstrate the continuing growth of the private rented sector, which is now larger than the social housing sector in England and Wales. The huge number of deposits being paid by tenants at a value of some £3.5bn demonstrates the need for tenancy deposit schemes to ensure that deposits are protected for tenants”.

It is a legal requirement for Landlords to protect tenants’ deposits received after 1 April 2013 in an approved tenancy deposit scheme. They must also inform the tenant of how their deposit has been protected within 28 days of receipt.

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