Deposits for properties far less in the PO zone

The Deposit Protection Service said renters in the PO-postcode area – which covers Chichester, Bognor Regis, Fareham and the Isle of Wight as well as Portsmouth – are paying an average £875.58 as a deposit to secure a property. This compares with an average of £1,548.67 – 43.46 per cent more – in London, and £895.80 in the Southampton SO postcode area.

Portsmouth’s average is £9.33 – 1.08 per cent – more than the average for England and Wales of £866.25.

DPS managing director Julian Foster said: ‘Tenancy deposits give landlords the security they need while their property is being rented out.

‘Tenants are also provided with peace of mind when The DPS protects the money during their tenancy, as it provides free, impartial adjudication if there is a dispute at the end of the tenancy.

‘Both landlords and tenants need a deposit protection service that is fast, efficient, clear and communicative.’