Almost £2 million of tenant deposits have been transferred to SafeDeposits Scotland in the last six months as five letting agents took the decision to change their tenancy deposit provider.
Umega Lettings and Murray & Currie transferred approximately £1.5m to SafeDeposits last summer. This month, another three private letting agents – Rockford Properties, Limehouse Ltd and Cox & Co – announced that they had switched a total of over £410k of their tenants’ deposits to the Glasgow-based company.
SafeDeposits Scotland holds over £75m of tenancy deposits and is the largest of the three independent tenancy deposit schemes approved by the Scottish Government, with nearly 60% of the Scottish market by value.
Victoria Nixon, client account manager for SafeDeposits Scotland, said: “We are pleased that more and more of Scotland’s leading letting agents are choosing to place their tenants’ deposits with us. It’s testament to our talented team and the level of customer service they provide that so many companies are moving to us.
“As a company based in Scotland, we have a clear understanding of the market and can respond directly to the needs of the industry. We’re also perfectly positioned to adapt to changes when they arise. We hope that the number of businesses switching to us will continue to increase this year and we look forward to working with more landlords, agents and tenants in the future.”
Rockford Properties is one of Dundee’s fastest growing agents. Its director, Georgia Bedding, explained her decision to move to SafeDeposits Scotland: “After placing a small number of deposits with SafeDeposits Scotland last year, we spoke to tenants about their experience and their feedback was unanimously positive.
“Armed with this feedback, we made the decision to lodge all deposits with SafeDeposits Scotland moving forward. As a company, we have found them to be extremely helpful and proactive, with a website that is clear and easy to navigate.”
Fiona Child, manager at Limehouse Ltd, also praised the experience of switching, saying: “Using SafeDeposits Scotland provides peace of mind for us as agents, our landlords and also our tenants that the deposits are secure.
“What’s more, SafeDeposits Scotland are always on hand to answer our queries and help us out with any issues and complications which may arise. They have also proven themselves to be very helpful in guiding us through the dispute process and the various steps involved.”
Mike Erskine, national portfolio manager at Cox & Co, was prompted to switch to SafeDeposits Scotland after being unhappy with their existing tenancy deposit company.
He said: “Due to failings by our existing tenancy deposit scheme the decision was made to move our portfolio’s deposit to SafeDeposits Scotland.
“SafeDeposits Scotland made sure the transition was as seamless as possible. The layout of the system and ease of how it can be managed is fantastic, and a stark contrast to previous complications experienced elsewhere.”