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 The PMA was repealed in 2013 on the basis that the Consumer Protection from Unfair Trading Regulations 20081 (CPRs) provided similar protection for consumers in their dealings with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.
Material Information for Property Listings Announced
Yesterday, Trading Standards and the Government jointly announced compulsory new data which must appear on property listings.
A property's council tax band or rate (for lettings and sales) and the property price and tenure information (for sales) must be included on all property listings by the end of May.
The changes signify the first phase of a project by the National Trading Standards Estate and Letting Agency Team (NTSELAT) which defines exactly 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.
The property portals (Zoopla, Rightmove, Boomin, On the Market, etc. will start to implement “Data Fields” for this additional information over the next few weeks and 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.
Lockdown 3.0 - Q and A for Letting Agents
As a result of Boris Johnson's address to the nation yesterday, many questions have been raised about what can and cannot be done in relation to Lettings, Property Management and Housing in general.
Here are a few answers to questions you may have in relation to navigating the day to day running of your agency.
Are Lettings Agents, Property Management Companies and Estate Agents permitted to open during the next Lockdown?
Yes, Estate and Letting Agents can continue to trade
Can offices open?
If members of your team can work from home, then they should do so. If an office remains open, restrict access and make sure that a “By Appointment Only” policy is in place.
Follow strict Covid Protocols and continue to implement Track and Trace
Can Viewings and Valuations take place?
Yes, however, the first option should always be Virtual Valuations or Virtual Viewings
Face-to-face appointments should only take place where it is absolutely necessary
Covid Protocols MUST be in place at ALL times and any person that is due to come into contact with members of your team MUST be advised how these protocols have been put in place to protect everyone.
Can existing deals go ahead?
Yes – Moving home is permitted and any agreed deals pre-Lockdown can go ahead. New deals can be agreed and continue to take place.
Can Inventories, Check-Ins, Property Inspections and Check Outs still take place?
Yes, but ALL Covid Protocols MUST be in place. Please note that video - Zoom - FaceTime can be used to conduct Property Inspections
Responding to COVID-19 - Create a Post-Lockdown Strategy
Well, what a few hectic and interesting few days. Sunday - the Prime Minister announces a 5 stage plan to ease the UK out of lockdown. The live broadcast lasted 15 minutes. We understood everything he said and continued to wile away the evening - Scrabble anyone?
Monday, 10PM, surprise, No, shock, announcement from the Housing Secretary - as from Wednesday, yes within 24 hours, those working in the property sector could re-open.
Tuesday and a little bit of chaos ensues - is this a dream? Clearly not a practical joke. It was true, “the green light” had been given for the housing market to get back to work, but, as the old adage states, “always read the small print”. As social media, trade press, national press reported on this significant shift, the detail of Robert Jenrick announcement became apparent, ONLY if property professionals could adhere to the guidance then letting agents, estate agents, developers, construction companies, removal companies, inventory clerks, surveyors and any other Stakeholder in the property sector could get back to work. Sounds straightforward? Not quite. The last 3 days we witnessed property professionals making decisions that are quite crucial in their response to COVID-19 Post Lockdown and ensuring not only a safe return to work, but also a safe environment for clients & implementing Covid-19 Protocols for any business activity undertaken away from the office premises.