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Labour seeks law change to cut maximum deposit landlords charge renters

The Labour Party is seeking to change the law to significantly reduce the amount that landlords are allowed to charge renters as a deposit. The party wants to amend a new law in order to cap the maximum deposit at three weeks’ rent – an average of £575 for renters in England.

Under government proposals currently before Parliament, the maximum deposit landlords could charge would be limited to six weeks’ rent – meaning, on average, £1,150. But Labour claims that the government’s six-week limit would do nothing to help most tenants, because the average deposit is already less than five weeks' rent.

The party said its plans would save tenants £575 compared to the government’s proposals – rising to £928 in London. It has tabled an amendment to the Tenants Fees Bill, which is currently before parliament. The bill seeks to restrict the fees that landlords and letting agents are allowed to impose on tenants.

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