There has been a sharp rise in the volume of agents that have signed up to The Property Ombudsman (TPO) scheme’s Lettings Code of Practice following mandatory redress legislation.
TPO has reported a 14% hike in letting membership since the government made it a legal requirement for all letting agents and property managers in England to belong to a government approved redress scheme.
The scheme’s membership figures reveal an additional 1,635 letting branches have joined the programme since the new legislation came into force on 1 October 2014, taking the volume of branches signed up and following one of the scheme’s property Codes of Practice to 13,624.
Gerry Fitzjohn, TPO’s chairman, said: “The record number of letting agents that have joined TPO since the legislation came into place is fantastic news for the industry and consumers. With so many agents already signed up for redress before the legislation was enforced, there was a widespread feeling in the industry that only a marginal number of firms were yet to sign up but our latest membership figures are a testament to the impact this legislation has made.
“Thousands of landlords and tenants across the country are benefiting from this legislation, which will in turn enable us to help more consumers if a dispute arises with a member firm.”