"For tenants, the benefit of having to pay drastically less at the start of a new tenancy is immediately obvious - especially as the average cash deposit is now £1,136"
- Ben Grech - Reposit
Newly released figures from Reposit have revealed that compared with H1 23, sales rose across H1 24 by 28%, demonstrating a "strong and strategically successful six months" according to the firm.
During the first half of this year, Reposit increased the number of partnerships among estate agencies including the family-owned agency Boydens, and continued to gain ground within the BTR sector, with just under 100 new partnerships secured. Pinnacle Group’s Lampton Parkside in Hounslow and Cortland’s Broad Street in Birmingham are among two of the latest sites now offering Reposit.
Reposit’s figures showed they had provided landlords with an additional 37% of the total amount of cover from January to June this year compared with the same period last year. In terms of total tenant savings, they are also up 32%.
Ben Grech, (pictured) CEO of Reposit said the company’s performance reflected growing demand for deposit alternatives and the competitiveness of its offering to the market.
He said: “We’ve seen a huge rise in demand for our FCA-regulated product as it continues to become recognised for the value it offers to agents, landlords and tenants alike.
“Landlords, letting agents and BTR operators are keen to secure Reposit’s cover of eight weeks rent - 60% more than the cash schemes. The additional protection provides reassurance around rent arrears - particularly in times of economic difficulties - whilst expanding their offering to tenants and residents with a more sophisticated choice of products. It also frees up admin time significantly - a huge benefit which is becoming widely acknowledged.
“For tenants, the benefit of having to pay drastically less at the start of a new tenancy is immediately obvious - especially as the average cash deposit is now £1,136. However, with higher inflation and interest rates over 5%, we are increasingly seeing tenants look at Reposit as a better value for money vs a cash deposit. They prefer to use their money to make a purchase now or put into interest-earning savings and investments.”
Paul Buck, Sales and Lettings Director at Boydens estate agents, which partnered with Reposit earlier this year, said: "I honestly do think times are changing with deposits. Both landlords and tenants are expecting us within the industry to keep developing and creating services that work for them, rather than sticking to the old-fashioned processes.”
