Government announces reduction in security deposit cost in private rented sector

The deposit paid by tenants in the private rented sector as a security is to be reduced from six weeks to five weeks for tenancies rented out for under £50,000 a year, it has been announced. Secretary of State for Housing, James Brokenshire, said that the change will save private sector tenants hundreds of pounds when they enter a new tenancy. Six weeks’ rent will continue to apply where the annual rent is £50,000 or more. The change was announced as an amendment to the Tenant Fees Bill which sets out the Government’s plans for banning letting fees in England.