Just short of its first anniversary of trading, the Property Redress Scheme has announced that its membership has reached 4,000 offices.

The PRS, a spin-off of commercial insurance firm Hamilton Fraser, began trading in the summer of 2014 as the newest of three consumer redress schemes for the property industry, ahead of the legal requirement for all lettings and property management agents to join a consumer redress scheme by last October.

Before last October, it was estimated that there were between 3,000-4,000 letting agents that would be required to comply with the new legislation.

The PRS says its membership suggests that the majority of previously unregistered agents have chosen to join them.

It is the cheapest scheme on the market with membership starting from £95+VAT per office. This membership covers the agent for all the property work they carry out there – for example, an estate agent that also carries out letting agency work would only require one membership with the scheme.

The PRS offers two different membership options – a model which covers all complaints, and pay-as-you-go.

Sean Hooker, head of redress, 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.”