Tenants are spending less money on housing deposits this year, the first time this has happened since 2015.

The average rental deposit has been £1,299 so far in 2019, less than the total of £1,336 in 2018.

The research, which is from Hamilton Fraser’s deposit replacement scheme OME, also found that the total value of deposits is currently down from £611m in 2018, at £496m in 2019.

Matthew Hooker, co-founder of Ome, said: “We’ve seen a decline in the number and value of new deposits being taken over the last few years and a driving factor behind this is a change in our lifestyle choices to rent for longer, which reduces the number of deposits being taken and the total value as tenants opt to stay put in the same property.

“Although the average cost for the individual tenant has continued to climb due to increasing rents which form the basis of the deposit calculation, this year looks to be the first in a long time that we might actually see this cost drop.

“This has largely been driven by new legislation that has reduced the number of weeks rent an agent or landlord can charge for both a holding and tenancy deposit.”