What the new five-week deposit cap means for renters

At the start of next month, landlords and agents will be banned from charging renters extra fees under the Tenant Fees Act.

The Act, which comes into force on 1st June, will only apply to new tenancies and renewals of tenancies. It will mean that landlords and letting agents won’t be able to charge for a range of admin fees they’ve previously done, and has capped tenancy deposits to five weeks.

Part of the shake up will involve rental deposits in England being capped at five weeks.

Analysis by Rightmove has found that the cheapest average deposit will be in the North East at £630 and the most expensive average deposit will be in London at £2,415.

In London alone, the cheapest average deposit will be in Rainham (£1,216), with the most expensive in Kensington (£4,065).