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A year in review for agents: The PRS annual report 2022

The Property Redress Scheme annual report 2022 has just been released and reflects on the past year in the property rental sector and we look at some of the major things on the horizon that property agents need to be prepared for in 2023.

The report covers a summary of what happened in the private rented sector in 2022 and how this has impacted the complaints raised, resolutions and memberships of the Property Redress Scheme. The PRS annual report 2022 also includes the results of the largest sentiment survey of the year, carried out across sector. Read the report here.

Key highlights from the report

  • Membership numbers rose by six per cent
  • Early resolutions awarded increased by 48% in 2022 to £353,053
  • Over 2,000 complaints raised in 2022, an increase of 6.8 per cent
  • Complaints were completed in less than 40 days in 2022, compared to 50 days in 2021

 “The Property Redress Scheme has grown for the eighth year in a row, increasing our membership by six per cent from 2021. As of 2022, we are now the largest redress scheme in the UK. This is a reflection on the recognition and reputation of the scheme and shows we are established and respected in the sector. Read the full report to find out more.”

Sean Hooker, Head of Redress at the Property Redress Scheme

Key highlights from the survey of over 3,000 agents and landlords

  • 76% of agents feel the private rented sector is fit for purpose and 72% of landlords feel the same. Their main reasons for this are it provides a regular income, and the current regulation protects landlords
  •  Both agents and landlords feel the biggest challenges facing the private rented sector are legislation (agents 25%, landlords 39%), rent payments (agents 24%, landlords 21%) and property maintenance (agents 17%, landlords 14%)
  • Despite legislation being a big challenge, 83% of landlords are confident their compliant with current regulations
  • 50% of agents feel very or quite supported by the Government and 24% feel neither supported or unsupported whereas 43% of landlords feel not very or not supported at all and 16% feel neither supported or unsupported
  • Almost half (48%) of all landlords feel the current legislation hinders them due to too many complex regulations
  • Almost an equal number of landlords are against (31%) as they are for (30%) tenants with pets in their property
  • 80% of landlords envisage themselves still being a landlord in three years’ time

About the Property Redress Scheme

The Property Redress Scheme is now the largest letting agent redress scheme in the UK with over 17,200 members.

Our role is to provide an impartial service that considers consumer complaints about a variety of property related issues. The PRS have an expert team that:

  • investigate fairly and listen to both sides, once the member has had the opportunity to resolve the complaint directly
  • explain things clearly and let people know where they stand, initially trying to negotiate an early resolution
  • give people our decision as quickly as possible, where early resolution was unsuccessful
  • always meet people’s communication and accessibility needs

Join the PRS today

All agents can join the Property Redress Scheme, it is a simple and straightforward process. Simply complete the application form here and pay the appropriate annual subscription fee.

Articles on BSL Financials

Please note that all views in posts that are not from the BSL Editorial Team are not opinions of the company and do not represent us in any form. All Non-Editorial articles are intended to be purely informational and should not be treated as fact.

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