TDS is proud to unveil its 2022/23 Annual Review, showcasing remarkable achievements in making lives easier for landlords, letting agents, and tenants across the UK.
In England and Wales, TDS remains at the forefront as the largest deposit protection scheme (by value of deposits protected). In 2022/23, TDS Northern Ireland surged to an 85% market share, while SafeDeposits Scotland solidified its position as Scotland’s largest deposit protection scheme, safeguarding over 62% of existing tenants’ deposits. Collectively, across all TDS schemes, we protect over 1.8 million deposits totalling £2.2 billion, ensuring the security of tenants’ funds.
Throughout 2022/23, TDS continued to invest in technological service transformation by introducing the Salesforce platform into our deposit protection and dispute resolution processes. The new Salesforce platform includes a self-resolution portal, facilitating early settlements for deposit disputes. This innovation accelerates deposit returns, alleviating financial pressures for both tenants and landlords. Since its launch in SafeDeposits Scotland in July 2022, an impressive 51% of initial disputes were resolved without adjudicator involvement. We are poised to expand the Salesforce platform across all TDS schemes in 2023/24.
While disputes arise in only a small fraction of cases each year (1% of the total number of deposits protected), TDS is resolutely committed to preventing disputes in the private rented sector. In 2022/23, TDS Academy delivered over 1,000 hours of training on tenancy deposit protection and dispute resolution.
Additionally, our strategic partnerships with Inventory Hive and The Depositary have significantly reduced deposit disputes. For the disputes that do arise, TDS continues to operate its award-winning free resolution service. In 2022/23, across all TDS schemes, we successfully resolved nearly 18,000 deposit disputes.
In 2022/23, TDS maintained its commitment to deliver industry-leading services to our valued customers. Tlyfe, our groundbreaking app, enhances standards and simplifies the rental process by offering essential information and a range of tenant features. Moreover, our investment in OpenBrix in August 2022 led to the web app’s launch in December 2022, with tlyfe becoming available in app stores in summer 2023.
“We’re thrilled to present our 2022/23 Annual Review, a testament to our dedication in making life easier for landlords, agents, and tenants across the UK. Our remarkable growth, transformative technology, and efficient dispute resolution strategies are driving positive change and setting new standards in the rental sector.” Comments Steve Harriott, CEO of TDS Group.
For more detailed insights into our achievements, initiatives, and financial performance, please download the full report here.
TDS is dedicated to supporting the PRS with tech innovations, strategic partnerships and guidance for landlords, letting agents, and tenants.
If you have not yet joined the free TDS Custodial deposit protection scheme or the Insured protection scheme, it’s simple to switch!