As part of the ongoing improvements, NTSELAT is keen to support the production of industry guidance and has created an open group for contributions. It is vital that agents’ views are taken into account and Propertymark strongly encourages anyone with an interest to participate.
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The intention is that the collection of information will become mandatory when fully agreed and may become a legal requirement as part of the UK Government’s Levelling Up agenda.
NTSELAT three-phase project
Propertymark is part of the consortium of industry leaders and has already shown support for NTSELAT's three-phase project. Part A will come into effect in May 2022 that requires a council tax band or rate, price, and tenure to be included. Portals are now being updated to include those fields.
Part B will extend the requirement to include utilities and similar charges which will affect all properties, and Part C will cover types of information that will vary by property, such as factors relating to the location.
Material information for property listings rules updated
Under newly announced rules by the National Trading Standards Estate and Letting Agency Team (NTSELAT), a property's council tax band or rate, price and tenure (for sales) must now be included on all property listings by the end of May 2022.
Consumer protection
Under current legislation, as set out in the Consumer Protection from Unfair Trading Regulations 2008, estate and letting agents are legally obliged not to omit material information from consumers on property listings, however current disclosure practices are not consistent across the industry.
Research carried out by NTSELAT showed that over 90 per cent of agents surveyed supported proposals for mandatory information requirements. Benefits cited include a reduction in unnecessary enquiries, swifter sales, and fewer transaction fall-throughs, all of which can only be good news. However, it is essential that the information requirements cover all the areas needed, which is why it is vital that agents share their knowledge and experience.
Sales Protocol Toolkit
Part of Propertymark’s Sales Protocol Toolkit is a Property Information Questionnaire (PIQ) which we encourage members to use and work with vendors as omissions and inaccuracies often lead to delays in transactions. It will help disclose any issues that would affect the transactional decision of the average consumer.
Property Information Questionnaire (PIQ) for sales
Having contributed members views to the NTSELAT working group developing guidance on Material Information, Propertymark’s Property Information Questionnaire (PIQ) is a credible structure to underpin the work property agents do with their clients to gather information.
Property Information Questionnaire (PIQ) for lettings
Under the Consumer Protection from Unfair Trading Regulations, both the landlord and letting agent must disclose anything within their knowledge that would affect the transactional decision of the average consumer.
