Buying and selling a property can be one of life’s most stressful and lengthy processes and usually people use online property portals to conduct their search, whether it be for sales or for lettings. One of the base requirements that consumers have is for information to be readily available, accurate, and up-front.

Time is valuable, and the relevancy of information is vital to support their search and to mitigate any unnecessary questions or even withdrawing interest further down the line that might lead to a big waste of agent and consumer’s time.

Estate and lettings agents have been ordered by Trading Standards to improve the amount of upfront and “material information” they provide to potential buyers and renters such as displaying a property’s tenure information – such as whether it is leasehold or freehold as well as council tax information. Sales listings must also display the price and rentals must show the monthly rent and deposit required.

Industry regulator the National Trading Standards Estate and Letting Agency Team has also said that only including “price on application” in listings may breach consumer protection rules that say agents mustn’t mislead buyers.

At a later point, Trading Standards plans to introduce a requirement for agents to display utilities relevant to a property, as well as more detailed information – such as if a listing is in a high flood risk area, or if there are legal restrictions on adaptations that can be made to a property.

It is anticipated that providing more upfront information will reduce the number of fall-throughs and speed up transaction times, as much of the legal work and document searches will have been done.

More upfront information could ensure more committed sellers too and less time wasters. Extra education could be needed though to ensure the buyer understands the legal terminology used. 

These changes won’t be mandatory until all three phases of the project are complete, at which point National Trading Standards claims that agents will need to include all the required information before it is listed on a property portal. 

Agents may not be happy with the changes, as it will mean more work for them, but it is definitely good for consumers, and in the long run it is far more likely that agents will benefit.

If you are looking for advice on purchasing or selling a property in the UK  do get in touch as we can help you buy, sell, lease or manage your portfolio.

We’re experts in both residential and commercial real estate, and will work with you personally to ensure your investments are worthwhile and serving your best interests.