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Tenancy deposit costs rise in Telford and Shrewsbury

Property | Published:

The average cost of tenancy deposits for properties in Telford and Shrewsbury saw a hike at the beginning of the year, new figures show.

There was also a rise in tenancy deposits for properties with a WV postcode, which covers homes in Bridgnorth as well as Wolverhampton, according to The Deposit Protection Service (DPS).

The DPS said tenancy deposits averaged £608.31 for Telford’s TF postcode during the first quarter of 2017, compared to £603.13 in the final quarter of last year.

The average for Shrewsbury's SY postcode was £695.87 – a rise from £689.39 in the last quarter of 2016.

Those properties with WV postcodes saw average prices rise from £601.73 between October and December last year to £641.35 in the first quarter of the year.

However, in other areas of Shropshire and mid Wales, there was a drop in the average cost of tenancy deposits between January and March, compared to the last three months of 2016.

The average cost for properties with a CW postcode, which covers Crewe but also parts of Shropshire, dropped from £751.74 to £700.37.

Tenants with a DY postcode paid an average of £696.32 during the first quarter of 2017 – a reduction from £714.16.

Those in the Llandrindod Wells LD postcode area paid an average of £496.56 between January and March, compared to £625.65 for the final quarter of last year.

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The average cost to tenants in Llandudno's LL postcode area was £582.22, a fall from £592.67 for the previous three months.

For Worcester's WR postcode area, which also covers parts of Shropshire, the average price was £836.59 in the first quarter of 2017, compared to £848.90 in the final quarter of last year.

The national average cost of tenancy deposits between January and March was £967.84.

The DPS said when tenancy deposits rise it makes it harder for tenants to find the money to cover the costs.

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Bosses are urging people to plan ahead when moving home.

Julian Foster, managing director at The DPS, said: “Over the last 10 years The DPS has protected almost five million deposits across England and Wales, and we’ve generally seen deposit sizes increasing during this time.

“Tenants need to consider that the deposit for their next property may be greater than the sum protected for their current residence and plan ahead so that they can make the house move they want to make without any financial barriers.

“Whatever the cost, however, both landlords and tenants are assured peace-of-mind during their tenancy and fairness when it ends when using The DPS popular, easy-to-use and secure systems.”

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