NTSELAT’s was asked by the industry to provide a view on the use of POA as part of their ongoing process to improve the disclosure of material information on property listings.
The use of ‘POA’ in relation to a listing on a property portal or an agent's website is likely to be misleading as it withholds or in some cases masks the asking price from consumers. A property’s price is information which the average consumer needs in order to make an informed transactional decision, i.e. make an enquiry about the property, conduct further research or arrange a viewing.
With support from Propertymark and other industry leaders, NTSELAT has kicked off a three-phase project which has been developed in response to defining what constitutes material information for property listings.
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.
The use of ‘POA’ is a tried and tested method of marketing by agents in very specific and appropriate circumstances; for example when there may be no comparable property on the market or if a vendor prefers an element of discretion about its value.
Trading Standards has taken the view that it’s confusing for consumers and in updating its guidance it is giving clarity for agents, buyers and sellers. This is another step forward in bringing into line the material information that all agents must provide when the new properties come to the sales and lettings market.
I am pleased to be able to set out a clear position that the use of ‘POA’ or ‘price on application’ in property listings is unlawful. We have considered this issue carefully and I am grateful to colleagues, the CMA and legal experts for their input. We hope this clarity will be helpful for property portals and agents as they prepare their listings going forward. This position will now form part of our general industry advice and guidance.
