London and Quadrant join the Tenancy Deposit Scheme
London and Quadrant Group, the largest provider of social housing in London and the South East, has announced it is to protect deposits on private rental homes with the award winning not-for-profit Tenancy Deposit Scheme.
The Tenancy Deposit Scheme is the only not-for-profit provider of deposit protection and the largest insurance backed scheme, protecting around 900,000 deposits with a total value of over £1billion.
The announcement follows new Housing Minister Mark Prisk’s speech to the National Housing Federation on 17th September, urging social landlords to “take the leap of faith” and branch out into the private rented sector to help meet demand.
Said Steve Harriott, TDS Chief Executive, “London and Quadrant’s move to secure their tenants’ deposit money and provide free alternative dispute resolution through us is welcome and particularly telling in the light of Housing Minister Mark Prisk’s call for social landlords to expand into the private sector. Both sectors can learn from each other to the benefit of consumers.”
Said Dominic Macer, PRS Portfolio Director at L&Q, “We are delighted to be working with the Tenancy Deposit Scheme. As the Scheme is not-for-profit and the most experienced it dovetails with our guiding ethos and values as a social business.
This year we are investing £10million into privately rented homes and it is important for us to secure the services of like-minded organisations as we move into the market.”1st October 2012