Tenancy deposit alternative provider Reposit has today announced its latest partnership with Webbers, a Devon-based estate and letting agency. The deal will bring tenants across the South West an alternative solution to the tenancy deposit scheme, and follows recent expansion from the company to customers across the north east of England.
Webbers is an award-winning and fast growing estate and letting agency operating in north Cornwall, Devon and Somerset. Across its fifteen offices, it manages over a thousand properties. With client service being at the heart of its business and the industry changing rapidly, they wanted an alternative to meet the demands and expectations of customers. For the first time, it is introducing a deposit partnership; Reposit’s eight week cover which provides a solution they were looking for.
The insurance product is being offered to new tenants signing with Webbers since May and it has seen a 40% take up with numbers expected to grow in coming months. Webbers’ main customers include singles, couples and small families, who can now save a few hundred pounds by entering Reposit’s insurance scheme.
According to Webbers’ data, the average rent in the area is around £750 per month, on top of which tenants are asked to pay a five week’s worth of deposit, reaching up to £1000. With Reposit, tenants only pay for the first week - approximately £200.
Lawrence Williams, head of lettings, Webbers said: “We are happy that we can improve our service by introducing Reposit to our customers. We had long discussions and reviewed everything thoroughly, but what really stood out to us was Reposit’s eight week cover. We can see how the world of letting is changing and Reposit is a great choice to make available to our tenants.”
Jude Greer, co-founder and CEO, Reposit added: “We are proud that we can extend our services to yet another region of the UK and bring tenants in the South West the possibility to move faster and more easily. Our mission to make deposit replacements a norm is well on the way thanks to Webbers’ open mind and we are happy to welcome them as the latest partner of Reposit.”
Reposit gives tenants the option to choose a deposit alternative product. Instead of paying four to five weeks rent as with a traditional deposit, tenants pay the equivalent of one week’s rent as a non-refundable service charge, which provides landlords with eight weeks’ worth of protection, which is the highest coverage on the market offered by regulated providers.