30th November saw the property industry receive confirmation from NTS (National Trading Standards) of what Parts B&C of material information will entail for sales and lettings agents and ultimately their clients. Parts B&C is an extension of Part A, which has been guidance for some time now. The guidance states what information should be provided on property listings to help the public make an informed decision before entering any arrangement. This is further to the Part A requirements that came out in May 2022. Part A required listings to include clear and understandable information, to the ‘average consumer’, on price/rent, tenure, security deposit, holding deposit, Council Banding and EPC ratings.
So, what is material information? It is any material factor which may affect a transactional decision that a buyer or tenant may make, so it is basically around transparency. What is important to remember is that this is not new legislation, estate agents have been governed by the Consumer Protection Regulations since 2008, what this does is confirm what is classed as material information, or what we as agents and sellers/landlords, need to disclose to potential buyers or tenants.
Part B applies to all properties to include physical characteristics of the property, number, type and measurements of rooms along with available utilities, broadband, mobile signal, and parking information. Part C information includes building safety, restrictions and rights, planning permission and proposals for development, property accessibility and adaptations and whether the property is in a coalfield or mining area. Part C only applies if the property is affected by the issue.
Parts A, B and C will now form the guidance to be used by vendors, landlords and sales and letting agents to comply with the Consumer Protection from Unfair Trading Regulations 2008 (CPRs) which replaced the Property Misdescriptions Act.
The good news is, within George F. White, you are in safe hands, as we are already collecting the vast majority of this information and have the knowledge to be able to guide buyers throughout this process, where other agents may struggle. For any help, guidance or advice on sales and lettings or a free market appraisal, contact one of our local experts on 0333 920 2220.
Further information on the guidelines can be found on the National Trading Standards website.