X1 offers tenants Reposit insurance option instead of deposit
The deal is the latest in a string of recent partnerships across the UK for Reposit, following Webbers in the South West, North Eastern Pattinson and nationwide distribution partner, Tenant Shop.
X1 is aimed at the affordable apartment living market and has 4,000 tenants across Leeds, Liverpool and Manchester. The privately held residential developer was founded in 2012, and now has 19 buildings in its portfolio.
Reposit is offered to all new X1 tenants. At the firm’s latest development, Media City Tower Two in Salford, Reposit has been chosen by 43% of its 237 tenants since being given the choice alongside traditional deposits a month ago. X1 has filled approximately 80% of available units at the site.
Jude Greer, CEO and co-founder, Reposit: “We are really pleased that our latest partnership with X1 Lettings allows us to further grow our reach in the North of England. Reposit has always been designed to improve the affordability of moving home for tenants across the UK. It is important for us to empower young people in major cities…to be able to choose from a more diverse pool of properties.”
Lorna McCracken, branch manager, X1 Lettings, the in-house lettings division of the developer, said: “Working with Reposit has been a really smooth process, from the initial discussion stage right through to integrating as part of our booking process. Many tenants have decided to opt to use Reposit rather than a traditional deposit since we offered this at the end of May. The team are really enjoying using Reposit, it is very easy to explain how it works to our tenants and is quick and easy to process.”
Jaimie Crowther, marketing manager, X1 Lettings, said: “The residential lettings market is changing and at X1 we are always looking at new offerings for our tenants. Reposit is a solution that we felt would grow our offering to tenants whilst keeping all parties protected. What stood out to us was the clean and safe approach that Reposit offers and the team were really open and knowledgeable about the lettings industry. Having explored the other alternatives, we are 100% confident in having made the right choice, not least thanks to the attention to detail in its offering and the fact that they are FCA regulated and provide FSCS cover.”
Following a successful launch of Reposit to new tenants, X1 plans to introduce the offering to existing tenants in the coming months. X1 also plans to use Reposit through its integration with UK Tenant Data’s pre-tenancy software.
Fully regulated by the FCA and covered by FSCS, Reposit gives tenants the possibility to switch safely from traditional five-week deposits to a non-refundable insurance product worth one week’s rent, one that provides eight-weeks of cover to tenants and landlords, covering them for all things covered by traditional deposits. Reposit landlords are individually named on an insurance policy with Lloyds of London underwriter Canopius.
Reposit has been on the market for four years and has steadily expanded its services across the UK.