From the end of May 2022 there are some key changes coming into place with regards to property listings, which are much needed to ensure property deals don’t fall through and that sufficient information is provided for the benefit of the agency as well as the buyer.
Going forward a property’s council tax band or rate and the property price and tenure information (for sales) must be included on all property listings by the end of May 2022 and these data fields will start to appear on portals over the coming weeks. These changes represent phase one of a project by the National Trading Standards Estate and Letting Agency Team, in partnership with industry leaders and the UK’s major property portals, to define what constitutes material information for property listings.
This was developed in response to estate and letting agents’ requests for better clarity on what information should be disclosed as standard when marketing a property, Part A of this three-phase project includes information that is considered material for all properties. A further two phases are being developed, which will incorporate further material information such as restrictive covenants, flood risk and other specific factors that may impact certain properties.
As new data fields for tenure, price and council tax are added to portals, if they are left empty by an agent, this will be flagged on the listing so consumers can see straight away what information is missing. This will link to advice on why that information is important and how it may be obtained.
National Trading Standards wants all material information to be mandatory on property listings once all three phases of the project are complete. At that stage, agents will need to include all the required information before it is listed on a property portal.
Evidence shows overwhelming support amongst agents for the mandatory disclosure of material information, with benefits cited including a reduction in unnecessary enquiries, swifter sales and fewer transaction fall-throughs.
This is even more important now with the sheer volume of deels that are falling through!
To put into perspective, since the start of the year, there have been more than 50,000 fall-throughs as a result of a lack of upfront information.
If you are an estate or letting agent, you will be supported to prepare for the changes at each stage by the National Trading Standards team in partnership with professional bodies and redress schemes. A full list of the Part A material information is available on the National Trading Standards website here; this also gives an overview of the type of information that will be included in Parts B and C.
Full guidance for the industry is being developed in conjunction with industry partners to cover all three phases, as well as guidance to support consumers looking to buy, sell or rent a property.
If you are new to the property buying process and would like some help or advice get in touch. We are one of London’s leading bespoke real estate firms and would be delighted to help you acquire your dream property. Call direct on + 44 (0) 207 993 4081 or simply send an email for a fast response.
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