TENANCY deposits averaged more than £800 in the first quarter of 2017, according to new figures that have been released.

The Deposit Protection Service’s (The DPS) quarterly Tenancy Deposit Ratings show during the first quarter deposits for properties with Worcester’s ‘WR’ postcode averaged £836.59.

Tenancy deposits are usually amongst the most expensive costs when renters move into a new property.

The DPS’ figures show that those renting a home in the area, between January and March, pay on average £131.25, or 13.56 per cent, less than the national average of £967.84 during the same period.

Julian Foster, managing director at The DPS, said: “Over the last 10 years the DPS has protected almost five million deposits across England and Wales, and we’ve generally seen deposit sizes increasing during this time.

“Tenants need to consider that the deposit for their next property may be greater than the sum protected for their current residence and plan ahead so that they can make the house move they want to make without any financial barriers.

“Whatever the cost, however, both landlords and tenants are assured peace-of-mind during their tenancy and fairness when it ends when using The DPS secure systems.”

The DPS’ figures also revealed the relative cost of renting locally compared to London, with WR postcode properties averaging £994.55, or 54.31 per cent less than those in the capital who pay on average £1,831.14.

The Tenancy Deposit Ratings also showed that the average deposit for properties in Worcester were £84.96, or 11.30 per cent more expensive than those in the nearby Hereford.