News & Blog

The Property Redress Scheme welcomes 5,000th member

Less than two years after the Property Redress Scheme (PRS) started, it is now celebrating signing up its 5,000th member. The government authorised scheme was the newest of three available consumer redress schemes for the property market and has gone from strength to strength since it launched in the summer of 2014.

 

It is a legal requirement for letting and estate agents to be a member of a redress scheme, but the PRS is also open to other property professionals. Recent joiners include the Association of Independent Inventory Clerks (AIIC) and VeriSmart, a market leading smart inventory provider, making it the go to scheme for inventory suppliers.

 

The London area has the most PRS members with over 1,250 agents across the capital, followed by the South Eastern counties of Kent, Surry and Sussex with over 600 members. The Midlands and Yorkshire account for over 1,000 PRS members as well. Other regions like Wales, Scotland and Northern Ireland have lower membership numbers, but still make up over 100.

 

Tim Frome, Managing Director of the PRS, said: “We are delighted by this further testimony to our success.  Our scheme is easy to join and offers straightforward advice for both property professionals and consumers. We’re just short of our second anniversary and have enhanced our offering continuously since we first started. In fact, there are many advantages of choosing the PRS: Enhanced members now enjoy access to a 24/7 legal helpline and we have started to provide workshops on essential industry topics across the country. We recently hosted a workshop in Cardiff on the new Rent Smart Wales legislation, which requires agents to have Professional Indemnity Insurance and Client Money Protection aside of their redress scheme membership. “

 

 

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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