Action taken on industry’s demand for upfront information

Action taken on industry’s demand for upfront information

National Trading Standards have announced that, by the end of May, all property listings will need to contain the property’s council tax band or rate and the property price and tenure information (for sales) in a new effort to improve the availability of upfront information in the conveyancing process.

The government’s Levelling Up White Paper spoke of “ensuring the critical material information buyers need to know…is available digitally wherever possible from trusted and authenticated sources, and provided only once”.

This announcement is a clear step towards the government’s goal, and it is one that will be welcomed within the industry by both conveyancers and estate agents: 91% of agents say upfront information “must be mandated”, and there is clear support for such reform from recognised voices within the conveyancing industry.

Data fields for the aforementioned information will start to appear on portals over the coming weeks. These changes represent the first phase of a project by the National Trading Standards Estate and Letting Agency Team (NTSELAT), in partnership with industry leaders and the UK’s major property portals, to define what constitutes material information for property listings.

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 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.

James Munro, Senior Manager of NTSELAT, said:

“This represents an important milestone in the journey to improve material information on property listings. 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.

These technical changes will prompt all players in the property market to do things a bit differently. 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. For consumers, a better understanding of why certain information such as a property’s tenure is important will enable them to make informed decisions when they embark on a property search.”

The Competition and Markets Authority (CMA) has also been working to improve how the leasehold market works for consumers. It is investigating, and has taken action against, potential breaches of consumer protection law in the leasehold housing market, including unfair contract terms in leases as well as broader allegations of mis-selling of leasehold property.

Simon Jones, Director of Consumer Protection, CMA said:

“It is important that people are fully aware of the annual costs of owning a home before they buy. The CMA’s leasehold investigation identified that clearer upfront information is needed when properties are sold, and today’s announcement is a positive step in that direction.”

Bryan Mansell, CEO of PropTech company Gazeal, said of the announcement:

We at Gazeal have been providing transparent property information services for estate agents to use for the last 24 months. We are delighted that various industry bodies are now coming together to bring long-overdue change to the provision of key information, vital to help home movers make informed educated decisions about property. Our hope is that all estate agents and conveyancers embrace this positive move and together bring a much-needed element of trust into the moving process.”

Jamie Lennox, Editor, Today's Conveyancer

Editor of Today's Conveyancer, Today's Wills and Probate, and Today's Family Lawyer Contact LinkedIn Twitter Email

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