Improving the Disclosure of Material Information for Property Listings
Project summary and list of material information for Part A
Overview
For many years the regulation of property advertisements was controlled by the Property Misdescriptions Act 1991 (PMA). The PMA was repealed in 2013 on the basis that the Consumer Protection from Unfair Trading Regulations 20081 (CPRs) provided similar protection for consumers in their dealings with property agents. Further information on how the CPRs apply to property sales and lettings can be found in the National Trading Standards ‘Guidance on Property Sales and Lettings’ .
To support businesses in the advertising and marketing of property, the National Trading Standards Estate & Letting Agency Team established a steering group made up of various industry stakeholders – redress schemes, property portals, government, and professional bodies representing agents. The group aims to improve the provision of material information in property listings, and part of this process involves creating a framework of information disclosure to help agents, software providers and property portals to comply with the legal requirements of the CPRs.
Key Government Guidance for the Letting Agents & Property Professionals
Over the last 3 months, Government has issued so much guidance to assist individuals, students, businesses and industry to correctly navigate Post-Lockdown changes. It is extremely important to understand that many aspects are mandatory, this means that they must be adhered to by law.
For example, wearing a mask or face covering is a legal requirement; the opening of nail bars and salons and beauty salons, tattoo parlours, indoor gyms and sports courts and facilities, indoor and outdoor swimming pools, is prohibited and therefore, currently illegal.
Student lettings have raised a lot of concern over the last 3 months and the impact on student accommodation and students has been quite drastic. The guidance gives an indication how to manage lets where belongings have been left behind by students, general guidance on contracts and accommodation.