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Tenancy deposits for Manchester properties less than national average

Tenancy deposits for properties with Manchester’s ‘M’ postcode averaged £721.92 during the first quarter of 2017, 25.41% less than the national average of £967.84.

The Deposit Protection Service’s (The DPS) quarterly Tenancy Deposit Ratings also revealed that the figure was just £1.24 (0.13%) cheaper than during the preceding quarter and just £40.79 (4.21%) cheaper than during the same period in 2016.

 

Julian Foster, managing director at The DPS, said: “Over the last ten years The DPS has protected almost 5 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.”

 

The figures also revealed that the relative cost of renting in Manchester is £1,109.22, which is 60.58% less than in the capital, where average costs are £1,831.14.

 

But deposits in Manchester were £120.09 (19.95%) more expensive than those in the nearby Bolton postcode (BL).

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