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Agencies & People

Jon Notley’s Zero Deposit signs up first big PRS client

Development in Stratford-upon-Avon is first foray into social PRS for service backed by insurance giant Munich Re

Nigel Lewis

A housing association in Stratford-Upon-Avon is the first of its kind to sign up to former Zoopla Sales Director Jon Notley’s Zero Deposit proptech offering.

The company, which launched last year but has been quiet recently, has signed a deal with the Orbit Group to offer insurance-backed deposit guarantees at its £10.4 million Fordham House private rented sector (PRS) development in Stratford-Upon-Avon (pictured, above).

Orbit operates nearly 50 developments across the UK through its various housing associations.

The deal will expose the 82 one and two-bedroom properties within the development to Zero Deposit’s service, which is backed by reinsurance giant Munich Re.

Zero Deposit

Half the properties are already let, so presumably the Zero Deposit deal will apply to both existing let properties when they become vacant and the remaining 40 unlet units.

Fordham House is a thoroughly modern take on affordable housing, offering luxury rental properties to the PRS via local agency Edwardes that must be offered first to key workers and locals.

Zero Deposit is an insurance-backed service that covers landlords for up to six weeks by charging tenants the equivalent of a week’s rent. This pays for a 12-month insurance rental guarantee policy.

Any disagreements between tenants and their landlord/agent over unpaid rent or damage to the property are adjudicated by dispute resolution service TDS.

Orbit is a commercial organisation with a “strong social purpose” that owns and operates 40,000 homes in the UK and builds approximately 2,000 homes a year both to rent and to buy – including through Help to Buy.

It built Fordham House in partnership with Deeley Construction, ABD Developments and Stratford Town Trust.

“By accepting Zero Deposit we are removing a long-standing hurdle to private renters,” says Adam Sliwinski, Commercial Manager for Orbit.

“Through a simple, clear product, customers can choose a new method of providing a deposit, allowing them additional freedom and ensuring our interests are covered.”

“Orbit has chosen to accept Zero Deposit due to their simple processes, plus the added reassurance of working with a fully regulated product and business.”

 

May 30, 2018

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