The newest of the redress schemes has announced it has 3,000 businesses, representing 3,140 branches, signed up.

The Property Redress Scheme, a wholly owned subsidiary of commercial insurance firm Hamilton Fraser, began trading last summer, ahead of the requirement for all letting agents to belong to an authorised redress scheme from October 1 onwards.

The Property Redress Scheme believes that most of the letting agents who had not been with a redress scheme before that date have joined it.

The scheme, which is the cheapest of the three schemes now available, said it also seeing an increase in agents switching.

Membership starts from £95+ VAT and covers the agent for all the property work they carry out: for example, an estate agent that also carries out letting agency work would only require one membership with the scheme.

The PRS also offers two different membership models, including a ‘pay as you go’ option.

Head of Redress, Sean Hooker, said: “Compulsory property redress for the lettings market is a major step forward in improving service and safety for consumers, so it’s great to see that the majority of agents now appear to be compliant.

“Attaining a membership base of 3,000 within our first six months of operation is quite an achievement and we hope to continue this success going forward.”