Housing Union: Holding deposits
Holding deposits
What are holding deposits?
Agencies usually charge what they often call ‘holding deposits’ in order for a property to be taken off the rental market. The tenant pays an amount of money, and in return, the agency stops advertising the property. A holding deposit cannot be any more than a total of one week's rent for the property. An agency should stop advertising a property once you've paid a holding deposit, and shouldn't take multiple holding deposits for a single property.