The Property Redress annual report
50% of cases resolved through early resolution despite 20% rise in complaints, 56% increase in amount awarded for decisions and 31% rise in agency expulsions
The annual report on complaints received against their property agent members by Property Redress is released today. In its eleventh year, the report from the UK’s largest lettings redress provider for the property industry covers the activities of over 20,000 member offices and reflects on the past year in the property sector. For the third year, the report also features the results of a major survey that reveals a detailed picture of the UK’s private rented sector from the perspective of nearly 3,500 landlords, tenants and agents.
Highlights of the 2024 Property Redress annual report:
- Membership numbers grew by over 7% from 17,459 to 18,802 agents including 1,459 registered branches throughout the UK, and covering over half the letting agents in the country
- Member renewals approached 85% in 2024, reflecting a choice of three membership models to suit members’ needs
- Complaint enquiries rose to 2,861, an increase of 20% compared to 2023. By December 2024, the PRS had investigated 15% more cases than the previous year
- The average rate of complaints for each member remained at a little over 8% cent for the second year running, down from over 10% in 2022
- Complaints were completed, on average, in around 40 days from the time Property Redress received them. This is market leading for a dispute resolution provider and consistent with the previous two years
- The top three complaints for lettings were the same as the previous year: holding deposits, poor service and management, and tenancy payments and rent collection
- Despite increasing complaint numbers, Property Redress has continued to successfully resolve around 50% of cases at early resolution and the primary focus remains to build the initial impartial relationship with both complainant and member at the earliest stage of a complaint
- Early resolutions awarded a total of £194,878 in 2024, which is 45.8% less than the amount awarded in 2023 (£359,426) and 44.8% less than in 2022 (£353,053). An early resolution is a settlement made between the parties, meaning Property Redress does not have to make a formal decision
- Property Redress issued 4% fewer decisions than in 2023 (when 24% more decisions were issued than in 2022), highlighting the success of cases at the earlier stages
- The total figure awarded for decisions was £1,486,710. This is an increase of 56% from 2023 (£953,062.24) and an increase of 203% from 2022 (489,916). The steep increase in financial awards is the result of increasing numbers of complaints combined with some larger awards for emerging problem areas such as property sourcing
- The total figure awarded for early resolution and decisions combined was £1,681.588, an increase of 28% on the previous year
- 81% of consumers received the full amount they were owed. This was a small reduction from 85% in 2023, reflecting both the increased volume of complaint enquiries coming to Property Redress and the higher proportion of these that are being investigated
- 76 agencies were expelled, compared to 58 in 2023, an increase of 31%, highlighting the quality of Property Redress’s compliance process and the current economy
Sean Hooker, Head of Redress at Property Redress, which last year celebrated its tenth anniversary by revealing a new website and updated services, said:
“Despite the increase in complainant volumes, the time to resolve matters has reduced, with a higher number of satisfactory outcomes. Our steadfast commitment to early resolution has proven effective, reflecting a shared willingness among parties to reach amicable solutions. As we strive to support, educate, and improve industry standards while continuing to clamp down on some of the poor practices that ensue, our adoption of innovative approaches like mediation and early resolution has yielded positive outcomes, fostering greater satisfaction among stakeholders.
This report reaffirms our dedication to growth, innovation, and excellence, positioning us as the premier avenue for swift and effective resolution of property disputes. Our flexibility and cost-effectiveness make us the preferred choice for businesses of all sizes, further cementing our reputation for exceptional service and professionalism.”
Tim Frome, Head of Government Schemes at Total Property, added:
“2024 was a very busy year for us. Not only did we grow our membership by another 7% including adding some large corporate agents, we dealt with more complaints, achieved more early resolutions, awarded more compensation to consumers and also removed more members from the scheme for non-compliance.
We also found time to give ourselves a new brand, moving from the Property Redress Scheme to simply Property Redress, meaning the website had a full refresh. I am very proud of the whole team for what they continue to achieve every day supporting both consumers and our members through their complaint resolution work. 2025 is unlikely to be any quieter as we navigate new legislation in the property industry and also changing consumer trends. There is never a dull day in the world of Property Redress!”
You May Also Enjoy
Kilmarnock named cheapest area for a first home
Minister Accepts Supply-Demand Pressures Increasing Rents
The Property Redress annual report
Foxtons Full Year Results 2024
What is commonhold? What estate agents need to know
