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Following February’s announcement by the National Trading Standards Estate and Letting Agency Team (NTSELAT) that material information must be included in all property listings by the end of May 2022, the team has now launched a consumer infomercial to help consumers understand material information on the portals.
As most agents will be aware, these changes represent the first phase of the project, which aims to provide the essential details - referred to as ‘material information’ - that consumers need to know before going ahead. ‘Material information’ includes details about unavoidable costs such as council tax banding, sale price /rent amount, service charges and any deposit required if renting. If an agent fails to include this ‘material information’, it will flagged in the advertisement.
Having this essential information upfront will help save time and enable consumers to choose properties that are more likely to meet their needs, leading to more informed decision making and reducing the risk of transactions falling through, resulting in a less stressful process for all those involved in the sale, rental or purchase of a property. Watch the video below for more information and to share with your customers.
Sean Hooker, Head of Redress at the Property Redress Scheme, provided an update on this project, which is being carried out by the NTSELAT in partnership with industry leaders including the Property Redress Scheme and the UK’s major property portals, which you can read here.
We will provide you with more information and guidance on the further two phases being developed once the details are available. These will incorporate additional material information such as flood risk, broadband availability, parking facilities and any rights or restrictions affecting the property. Once all three phases of the project are complete, NTSELAT wants all material information to be mandatory, so agents will need to include all the required information before a property is listed on a property portal.
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Property Redress Scheme is approved by Government under the Alternative Dispute Resolution for Consumer Disputes (Competent Authorities and Information) Regulations 2015