News & Blog

Property Redress Scheme reaches 3000 Member Milestone

 

The Property Redress Scheme (PRS) is delighted to announce it now has a membership of 3,000 individual Property Agents and Professionals.

 

The PRS is the new consumer redress scheme for the property industry, authorised by the Department of Communities and Local Government (DCLG) and the National Trading Standards Estate Agency Team whose role is to provide fair and reasonable resolutions to disputes between Property Agents and their consumers.

 

It became a legal requirement for all Property Agents, as defined by legislation, to join a consumer redress scheme on the 1st October 2014. The PRS began trading in the summer of 2014 and was authorised and set up as an alternative to the two other schemes already in operation.

 

Prior to 1st October 2014 deadline, it had been estimated that there were between 3000-4000 letting agents that would be required to comply with the new legislation. This suggests that the majority of previously unregistered Agents have chosen to join the PRS.

 

The scheme are also seeing an increase in Agents switching from the other schemes now  that awareness is spreading that there is another option available to them.

 

The Property Redress Scheme is the cheapest scheme on the market with Membership starting from £95+ VAT. This membership covers the Agent for all the property work they carry out – for example, an estate agent that also carries out letting agency work would only require one membership with the scheme.

 

The PRS is also the only scheme to offer two different membership models, a model which covers all their complaints and a pay as you go option, giving Agents the opportunity to decide which pricing structure is best suited to them. This means the scheme covers the needs of different types of Agents whilst remaining affordable and flexible.

 

Head of Redress, Sean Hooker, said: “Compulsory property redress for the lettings market is a major step forward in improving service and safety for consumers so it’s great to see that the majority of Agents now appear to be compliant. Attaining a membership base of 3000 within our first 6 months of operation is quite an achievement and we hope to continue this success going forward”

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Property Redress Scheme is approved by Government under the Alternative Dispute Resolution for Consumer Disputes (Competent Authorities and Information) Regulations 2015