The Property Ombudsman scheme has reported a 14 per cent increase in lettings membership since the government made it a legal requirement for all lettings agents and property managers in England to belong to one of three approved redress schemes.
TPO membership figures reveal an additional 1,635 lettings branches have joined the scheme since the new legislation came into force on October 1 2014.
TPO, which says it represents 85 per cent of lettings agents, states that 13,624 offices are now signed up.
"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. But our latest membership figures are a testament to the impact this legislation has made" claims TPO chairman Gerry Fitzjohn.
“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.”
TPO now has over 34,469 branches signed up and following one of the scheme’s property Codes of Practice.
The Consumer Codes Approval scheme has approved both TPO’s Sales and Lettings Codes.
The codes’ independent accreditation means every agent registered with TPO is required to provide additional consumer protection that goes beyond that required by law.