An overview of the property market in 2022
The events of last year were unprecedented even by the standards of the previous two years and once again the property sector was at the heart of things.
As we gradually came out of the pandemic and the property market prepared to settled down and return to normality and stability, things were sent into turmoil. We all now face the most challenging period for many years and it looks like a major realignment of the economic climate is in progress.
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.
On the surface, the property market appears to be in a good state.House prices remain high and are still rising even if at a slower pace, rents are at record levels and the demand from tenants is huge. However, this is tempered by a worrying fall in housing stock across the board and increased competition in the agent world.
Our primary objective is to deal with complainants and last year we handled over 2,000 individual complaints, an almost seven per cent increase compared to 2021. This indicates a rise in the average number of complaints. Interestingly, the rate of complaints increased throughout the year and this in my view reflects the changing economic environment and uncertainty in the minds of consumers.This is why in addition to the statistics we present in our annual report, this year, we undertook a major survey of the sector to see what the reality is like on the ground and how landlords and agents feel being part of the private rental sector.
We also have one eye firmly on what this year will bring.Our engagement with the Government means I am confident that the long-promised reforms and legal changes will start to be introduced.
The emphasis ongoing will be on professionalising the sector and raising standards, particularly on property conditions and quality.
This coupled with the challenges of dealing with an environmental and cost of living crisis will put energy efficiency high up the agenda. And the recent publicity on the health implications of issues such as damp and mould will only increase the pressure.This said, the opportunity to create an early and effective complaint handling service will make a real difference. At the PRS, we provide good quality information and education for all parties who contact us and with our proactive efforts to achieve early resolution, we have proved the value of what can be achieved. We are proud that around half of the complaints raised with us are resolved this way and this has meant far quicker resolutions of six weeks or less, with a good number of complaints being settled in a matter of days.In 2023, we have also reformed the way we are accountable and we have revamped the body to incorporate a new, more inclusive advisory panel and created our first ever member panel.
I am proud of the team and the support and cooperation of the vast number of members. And while some agents are still not up to standard, our highly effective compliance team has worked to make sure effective action is taken against them.
I look forward to another successful year and contributing to a safer, more professional, and secure sector.
