New way for tenants to save money on utility bills
Renters who have their deposit secured by the DPS will have easy access to switching their energy and broadband provider via a new Compare The Market link on the platform website.
The agreement will feature Compare The Market branded links for energy and broadband on The DPS website for tenants that have logged into their account, giving renters the option to shop around for good value energy and broadband packages.
The number of households in the private rented sector in the UK increased from 2.8 million in 2007 to 4.5 million in 2017 – a 63 per cent increase in a decade.
The DPS is one of the three deposit protection schemes authorised by the government.
Peter Earl, head of energy at Compare The Market, said: “Many people renting a home in the UK have been priced out of the property market, prompting politicians and media commentators to declare that a whole cohort of the population is now Generation Rent.
“Switching energy and broadband provider can save households hundreds of pounds of year, yet inertia is often a barrier to consumers switching their utility provider. The impetus behind the agreement between Compare The Market and the DPS is to provide tenants in Britain with an easy and user-friendly option to shop around for good value deals on key utilities and to facilitate the process of switching provider.”
Matt Trevett, DPS managing director, said: “We’re always looking for ways to support tenants, and our agreement with Compare The Market will really help take some of the stress out of moving to a new property. Tenants who are moving or starting to rent for the first time can now easily access tools to help them identify good value deals on utilities and get the switch done at the same time as registering their tenancy deposit details.”