The Property Redress Scheme clamps down on rogue agents
Five agents have been expelled from scheme after an abundance of poor practices were reported by disgruntled clients.
Five agents have been expelled from The Property Redress Scheme (PRS) after an abundance of poor practices were reported by disgruntled clients.
All property agents and professionals that carry out estate, lettings and property management work in the property industry have a legal responsibility to join an authorised redress scheme – The PRS or The Property Ombudsman Scheme.
AUTHORISED
The PRS is authorised by the Department for Levelling Up, Housing and Communities and the National Trading Standards Estate and Letting Agent Team to provide redress for estate, lettings and property management agents.
Publishing its quarterly expulsions update The PRS expulsion includes Sourced Properties Group; NALC Auctions; Procured Property; Rent Room and Fountayne Managing.
EXPELLED
All five agents must now face the consequences of being expelled from the Property Redress Scheme.
With the memorandum of understanding in place between the two redress schemes, no expelled member can join any scheme until the terms of the Head of Redress’s decision have been settled.
This means that property agents who continue to trade, without redress, are doing so illegally and considerable fines can apply.
This reflects the changing economic situation and growing uncertainty in the minds of consumers.”
Sean Hooker, Head of Redress at The PRS, says: “It is interesting that the rate of complaints increased so significantly as the year went on.
“In my view this reflects the changing economic situation and growing uncertainty in the minds of consumers.
“This sentiment was also captured in our agent survey – at the beginning of 2022, almost 90% of agents felt that renting offered good value for money for their tenants and over 80% were also happy with their own financial return.
“By the end of 2022, by contrast, 70% of agents said their opinions had changed since the start of the year, with many citing ‘large rent increases’, the rising cost of living and supply and demand issues as the main reasons for this.”
