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The Property Redress Scheme (PRS) has today released their Annual Report for the year 2018.
The Report show there was a 103% rise in final decisions and an 82% rise in proposed decisions issued by the PRS in 2018 compared to 2017. The total compensation awarded to consumers by the PRS was just under £300,000 with average award £1,102.83.
Membership of the PRS has continued to grow at a rapid rate with a further 37% increase in members in 2018. The current membership of the PRS is now close to 11,000 offices.
The report details an increase in types of complaints such as fees and charges, general communication, poor service and complaint handling, as well as rent collection as part of the wider increase in disputes received.
Property Redress Scheme, Head of Redress, Sean Hooker said:
“2018 was a fundamental year for the Property Redress Scheme, and this was mirrored in the wider sector, as further developments in the Government’s “project” to reform the housing market started to take shape”.
Alongside the statistics, the report contains summaries from Lord Monroe Palmer and Sean Hooker, with the Head of Redress also providing a summary of consultations and his view from Westminster. Both well-versed in the workings of the private rented sector, Lord Palmer and the Head of Redress offer valuable insight into legislative changes and the future of the sector.
Readers can gain greater insight into the complaints process, case studies and find a summary of expelled Members by region. Information on the Scheme’s finances and the charitable efforts of the PRS are also included within the 30-page document.
An ‘Insight to client money protection’ is also included within the Report as client money protection became mandatory for letting agents in England at the beginning of April 2019.
The main purpose of the PRS is to settle or resolve complaints made by consumers where the Members’ internal complaints procedure has been exhausted - and with change aplenty in the industry, the PRS offers the stability desired by many within the sector.
It also offers an easy to access online Members’ area to help Agents manage complaints, as the Scheme prides itself on being there for consumer and complainants as it seeks to continue to raise professionalism and standards within the industry.
Please find the full report here.
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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