Agents are already required by the Consumer Protection from Unfair Trading Regulations 2008 not to hide key material information from house hunters when listing property, however, NTSELAT says current practices around disclosure are not consistent across the industry.
By providing essential information on property listings and portals– the starting point for the vast majority of property searches and transactions – agents will be able to meet their legal requirements at the very beginning of the consumer journey.
Material information survey
The consultation, in the form of a survey, will run for four weeks until 17 May 2021 and covers a range of questions on what should be defined as ‘material information’, including information on building safety, utilities, and property tenure.
Guidance will then be produced to firmly outline the minimum material information agents must include when listing properties. NTSEAT says this will have benefits for the industry including fewer sales fall-throughs and lower levels of complaints by members of the public about agents.
Consumer views on property listings
Alongside the survey, the NTSELAT has published research comprising data from people who have moved home in the last three years or are looking to move in the next three years, showing that:
- 90 per cent of respondents who use property portals would prefer to find detailed or key information about a property when they’re searching for a property on a portal
- 87 per cent of respondents agree that property portals should include all key information about a home in their property listing
- More than half of respondents (55 per cent) said that they would be less likely to buy or rent a property where information was missing on the property listing
- 40 per cent of respondents assume that missing information means something must be wrong with the property.