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Under newly announced rules by the National Trading Standards Estate and Letting Agency Team (NTSELAT), a property’s council tax band or rate, price and tenure (for sales) must now be included on all property listings by the end of May 2022.
With support from Propertymark and other industry leaders —The Lettings Industry Council, The Property Ombudsman, The Property Redress Scheme, The Royal Institution of Chartered Surveyors, The UK Association of Letting Agents, — OnTheMarket, PropertyPal, Rightmove and Zoopla — NTSELAT has kicked off its three-phase project which has been developed in response to defining what constitutes material information for property listings.
Part A of the initiative, announced 21 February 2022, requires information that, regardless of the outcome, is always considered material for all properties regardless of location. This is information that involves unavoidable costs that will be incurred by the occupier, regardless of how the property is to be used.
As a result, new data fields are to be incorporated on portals over the coming weeks meaning that information such as property tenure, property price and council tax information will be flagged when left empty by an agent.
Under current legislation, as set out in the Consumer Protection from Unfair Trading Regulations 2008, estate and letting agents are legally obliged not to omit material information from consumers on property listings, however current disclosure practices are not consistent across the industry.
The initiative means that consumers will be more knowledgeable about potential properties they have expressed interest in, helping to make selling and buying processes easier and reduce fall-through rates.
Following Part A, rules incorporated by NTSELAT will progress to:
NTSELAT wants all material information to be mandatory once all three phases of the project have been completed and there is the possibility that the rules may become legislation after the initiative was mentioned in the recent Levelling Up White Paper.
Focusing on improving the sales experience on all sides, Propertymark members can access the Sales Protocol Toolkit, a free resource that can help to speed up transactions, reduce the fall-though rate and ensure compliance with CPRs through reducing duplication of information.
Estate agents who are using the toolkit have reported a reduction in transaction times, down to seven weeks in some cases.
The toolkit offers huge potential to speed up transactions, reduce fall-through rates and comply with Consumer Protection Regulations.
Propertymark are supportive of the National Trading Standards Estate and Letting Agency Teams’ initiative, and I am really pleased we have been able to be involved.
Being able to provide transparent material information upfront is essential to helping all parties in the home buying and selling process make informed decisions.
The industry has long held the goal of decreasing the time required to progress from sale agreed to completion and these improvements are in sight.
I’m delighted with the progress that has been made with the industry to help define and clarify what constitutes material information and I am grateful to the property portals and other industry leaders who have supported this work.
Vendors and agents may find that bringing conveyancers on board at the outset helps ensure all information is available for marketing, and issues with things like restrictive covenants or boundaries can be addressed earlier.
Propertymark CEO, Nathan Emerson and Non-Executive Chair, Nicky Heathcote led a delegation to Ready Set Grow 22, the Realtor Experience staged by the National Association of Realtors in Orlando, Florida.
Statistics show at least 100 million appliances in the UK are untraceable if recalled. A campaign, launched by the Association of Manufacturers of Domestic Appliances (AMDEA), is urging homeowners, landlords and tenants to make use of their free appliance register to get important safety alerts.
A year after the case of Reverend Richard Hall returning to his Luton property to find that it had been sold without his knowledge, BBC You and Yours found a pattern of criminal behaviour.
The UK Government’s new Energy Prices Act has been put into law to support consumers in England, Scotland and Wales with energy costs. Households in Northern Ireland will receive a £400 discount on bills through the Northern Ireland Energy Bills Support Scheme.
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