Reposit
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Latest property news
Deposit alternative Reposit wins £500k more funding from investors
Tenancy deposit alternative Reposit has received an additional £500,000 from investors, taking its total raised since launch to nearly £1 million. The extra cash will be used to scale the team and business across the UK’s rental markets including new products, say founders (LtoR above) Jude Greer and Brendan Short. Its phone app and online based service enables tenants to take out insurance at a cost of one week’s rent to cover their landlord if they damage the property or fail to have it cleaned before they move out. Each ‘Reposit’ is tied to the tenancy and property and is not portable, so tenants moving home must take out a new policy, although those with histories of good behaviour pay lower premiums. Still classing itself as a ‘start-up’ despite having been in business for three years, Reposit says the investors include Andrew Weisz of Weisz Investments and Michael and Simon Blakey of Avonmore Developments, which also backs removal firm comparison site Buzzmove. Deposit alternative Reposit says it has also signed a deal with Lloyds of London underwriter Canopius through the Financial Conduct Authority’s Innovation Hub. It brings together players within the insurance industry to introduce new products and services to…
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Latest property news
‘Half of landlords in the UK expecting fees rise after ban’
Half of all landlords in the UK expect their agent to pass on the costs of running their property after the draft Tenants Fees Bill becomes law next year, it has been revealed. The research, which was completed by ‘deposit alternative’ start-up Reposit, also shows that letting agent fee increases are one of the most common unexpected costs among landlords, alongside repairs and renewal fees, and that a third of landlords have experienced paying costs they weren’t expecting. But the research also reveals that increased fees are not the main reason landlords leave their agent. Of the 41% of landlords who told Reposit they had left their agent in the past, only 11% said it was over raised fees. Instead, customers service (61%) and bad property care (26%) irked them more and prompted them to find a new agent. “With changes to buy-to-let legislation and a ban on tenant fees, landlord perspectives are more important to letting agent revenues than ever before and very little is known about UK landlords’ relationships with their letting agents,” the reports says. But Reposit says the increased costs of being a landlord including the recent hikes in Stamp Duty and reductions in tax breaks,…
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Latest property news
New proptech consultancy launches, with familiar names
PropTech specialists, James Dearsley and Eddie Holmes, have launched www.proptechconsult.com to help property companies overcome the challenges brought by digital transformation.
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