Deposit alternative specialists flatfair has announced a record-breaking start to 2024, forming 61 new partnerships and marking an 88% increase in new partners compared to the same time last year.
Among these new partners are some of the industry’s most respected agents and Build to Rent operators, including Concept Estate Agents, Dandara Living, Fresh Property Group, The Property Centre, Turay Homes, and urbanbubble.
Gary Wright (main picture), Chief Executive of flatfair, attributes this success to the rising popularity of their latest deposit solution, flatfair Deposits.
SOARING DEMAND
He says: “There is currently no product on the market like flatfair Deposits, which explains the soaring demand. Our solution eliminates the lengthy admin process associated with registering traditional deposits and opens up a new revenue stream for agents while providing tenants with a valuable deposit alternative.”
And he adds: “Once agents experience our platform and realise there is no cost to them, the decision is straightforward.”
The growth in popularity of deposit alternatives is clear, with 56% of tenants choosing flatfair No Deposit over a traditional deposit when displayed with the two options side by side.
COST OF LIVING
This shift is likely influenced by the increasing cost of living and rent prices. According to HomeLet, rent prices in June were 5.7% higher than the same time last year, leading to a corresponding increase in traditional deposit payments.
Given the current average UK rent, tenants typically need to pay around £2,922 when moving into a new property, which includes their 5 week deposit and first month’s rent. This excludes all of the other expensive costs associated with moving homes.
flatfair claim the average tenant choosing No Deposit has saved £1000 on their upfront move-in costs, with many tenants saving considerably more.
