Reposit, the InsurTech company bringing tenancy deposit alternatives to the forefront of the residential lettings market, has announced its new partnership with Pattinson, the largest independent agency network in the North East of England and its large base of landlord clients. Reposit helps landlords attract new renters by reducing upfront
Housing associations and tenants are due to build stronger relationships between each other with the help of a new programme. The National Housing Federation (NHF) is to introduce the project called Together with Tenants, which will set out a plan of action to ensure boards are always properly connected and
It has recently been reported that East Midlands based renters are happier with their landlord in contrast with any other location in England. The research, carried out by the NLA, highlighted that some 83% of renters in the area commented on their satisfaction with their present landlord, with those from
BDC 319 : Aug 2024
Reposit, the InsurTech company bringing tenancy deposit alternatives to the forefront of the residential lettings market, has announced its new partnership with Pattinson, the largest independent agency network in the North East of England and its large base of landlord clients. Reposit helps landlords attract new renters by reducing upfront costs, therefore opening up properties to a wider demographic of potential tenants. The pioneering cover protects landlords from those same issues covered by a traditional deposit, such as rent arrears, damages and cleaning costs. According to a 2017 House of Commons briefing study, between 1996 and 2006, the North East area saw an increase in private renting of 212%. This rise in the private rental share of the housing market continues in the area, meaning it is an important area for solutions like Reposit, democratising the rental market for agents, landlords and tenants alike. The InsurTech solution saves money and stress for tenants; its security deposit alternative requires only one week’s rent as a service fee upfront. For Pattinson’s tenants, this would average at £119, compared to £595 in a traditional deposit scheme. The landlord is added to a group insurance policy that is FCA approved and protected by FSCS, demonstrating the care and extensive range of safeguards the modern user expects from financial services and security providers. The tenant remains responsible for any breach of the tenancy agreement and any respective costs at the end, as they are with a traditional deposit. Pattinson is offering Reposit to all new tenants that pass referencing. Rents with the agency range from £275pcm to £2000pcm across the region. Although Reposit might be seen as a solution for the lower end of the renting market, pound for pound, those paying higher rents have more to save upfront, given the higher deposits paid for those properties at the top end of the market, making it an effective option for virtually all renters. With this announcement, Reposit continues its efforts to provide a more cost-effective solution for tenants, whilst driving forward with creating a fair system that offers agents, tenants and landlords an attractive, legal and safe alternative to the traditional systems and processes. Jonathan Parker, Pattinson’s Head of Residential Lettings (MNAEA MARLA) stated: “As a company it is important that we are at the forefront of change and embrace new solutions to existing issues. The 8 weeks of cover for our landlords was a key consideration, especially with traditional monetary deposits being capped at 5 week’s worth of rent come the 1st of June. Reducing move in costs will naturally be an attractive option for tenants when it comes to selecting a property. With FCA regulation and FSCS protection at the heart of Reposit’s product and a similar mindset to client care, our clients have the assurances they need. We are pleased to offer Reposit as an optional alternative to the traditional monetary deposit, therefore providing potential tenants with an informed choice over what route suits their circumstances best.” Jude Greer, CEO, Reposit said: “It is great to partner with another major residential lettings agency. Pattinson has an amazing agency network across the North East. We are proud to be able to extend our offering to the North East. We have been impressed with the attention to detail driven approach of Jonathan and the team at Pattinson when it came to selecting us as a partner. We look forward to working with them for many years to come.” Reposit offers market leading cover of eight weeks rent and the InsurTech firm makes sure that any fees owed to the landlords are paid quickly prior to handling the collection of any owed money from the tenant via its platform.
Housing associations and tenants are due to build stronger relationships between each other with the help of a new programme. The National Housing Federation (NHF) is to introduce the project called Together with Tenants, which will set out a plan of action to ensure boards are always properly connected and accountable to the people they house, whilst also giving tenants and residents a strong role in scrutiny. At the heart of the proposal are the housing association residents are firmly at the heart of the proposal, with the NHF asking tenants and residents from across the country to share their thoughts on it. Tenants and residents are being asked to join a new independent Tenant Advisory Panel and complete a questionnaire on the plan. The programme proposes four actions: • A new requirement in the National Housing Federation Code of Governance for boards to be accountable to their tenants and residents. • A new ‘Together with Tenants’ Charter setting out what tenants and residents can expect from their housing association landlord. • Tenant and resident oversight and scrutiny of the Charter with a report on how their landlord is doing against the Charter commitments. •A closer link with regulation. In total, 43 housing associations have already signed up to be early adopters of the proposals. “I am proud to launch Together with Tenants today. It is a demonstration of the fact that as a sector we are addressing one of the most pressing challenges facing the country. How we rebuild trust between people and institutions. This is a challenge that is of course particularly pertinent for our sector, after the tragic fire at Grenfell Tower exposed feelings of powerlessness, distrust and disconnection,” said Kate Henderson, Chief Executive of the NHF. “This plan builds on good practice in the sector, and must also be the first steps towards meaningful change. I am delighted that as of today 43 housing associations have already signed up to test the commitments and I hope that many more will follow suit. We know that for this plan to work we need to design it with tenants and residents. This is why we’ve been working closely with them throughout the process, and are now urging tenants to share their thoughts on these proposals,” she concluded.
It has recently been reported that East Midlands based renters are happier with their landlord in contrast with any other location in England. The research, carried out by the NLA, highlighted that some 83% of renters in the area commented on their satisfaction with their present landlord, with those from the North West and South West coming in at a joint level of 82% satisfaction. The figures highlight some of the drastic differences in levels of satisfaction, with, in contrast to the North West, only 67% of those in the North East being satisfied with their landlord – this, in fact, heralding the lowest value of all those reported in the UK. This figure also falls short of the average level of satisfaction shown in the report, where approximately 79% commented on their satisfaction with their landlord. As for the rest of the results, 3rd Place in the report went to the South East, followed by the West Midlands, Yorkshire and Humber, London, Eastern England and the North East which came in at 80%, 79%, 73%, 72%, 71% and 67% respectively. Commenting on the report, Richard Lambert, Chief Executive Officer of the NLA nodded to the sheer quantity of good landlords which are represented in the market and that, while often portrayed to be quite “uncertain and unhappy”, the private rent sector is actually far better than most people think it is. Landlords, of course, are not on their own in supporting the tenants, however, as the NLA does indeed also offer a range of training systems so that they can provide the best possible environment for their tenants. Richard Lambert also highlighted the importance of other parties, such as governmental departments, stepping up their involvement in this support, encouraging both national and local governmental parties to also chip in for the betterment of the sector.
