Report reveals rise in agent complaints and landlords feeling dissatisfied

Report reveals rise in agent complaints and landlords feeling dissatisfied

0:07 AM, 20th March 2024, About 3 months ago

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The Property Redress Scheme’s annual report paints a picture of a property sector facing challenges with agent complaint enquiries rocketing by 20% in 2023 compared to the previous year.

The scheme says it is investigating 55% more cases but despite this rise, the average complaint rate per member fell.

The report also features the results of a sentiment survey revealing a significant drop in satisfaction among landlords.

Only 52% of landlords were satisfied with their financial returns in 2023, down from 79% at the beginning of 2022.

Also, 62% of landlords felt unsupported by the government, a sharp increase from 43% in 2022.

‘Underlines the growing volume of complaints’

The head of redress at the Property Redress Scheme, Sean Hooker, said: “The notable increase in financial awards underlines the growing volume of complaints, compounded by a lack of engagement from a minority of members.

“Despite this, it’s encouraging to observe a reduction in complaints per member, indicative of improved efficiency in our investigative processes.

“Our steadfast commitment to early resolution has proven effective, reflecting a shared willingness among parties to reach amicable solutions.”

He added: “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.”

Landlords expressing confidence in complying with regulations

Legislation emerged as the biggest challenge for both landlords (67.5%) and agents (58.3%) with 89% of landlords expressing confidence in complying with regulations.

The report also highlights a decline in landlord optimism for the future, with only 57% planning to continue in the rental sector within three years.

This is a significant drop from 2022, when 80% of landlords envisioned themselves continuing.

The Property Redress Scheme continues to offer resolutions for complaints with 50% of cases being resolved quickly with a total awarded amount of £359,426.

Decisions also saw an increase, with a total awarded amount reaching £953,062.24, up by 95% from 2022.

The report highlights that 58 agencies were expelled in 2023.

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