BREAKING: Trading Standards publishes new terms for lettings listings
National Trading Standards has published new supplementary terms to cover lettings, in consultation with industry stakeholders.
The National Trading Standards Estate & Letting Agency Team has published new supplementary terms for property listings. The guide now includes terms relating to lettings and has been developed in consultation with industry stakeholders.
The guidance is designed to provide clarity and consistency for agents and consumers and improve standards across the industry. It applies to the marketing of residential property for sale or rent and is principally based on the application of the Consumer Protection from Unfair Trading Regulations 2008.
Emma Cooke, Policy & Information Manager, National Trading Standards Estate & Letting Agency Team, said: “Agents commonly use terms like ‘new on the market’, ‘new instruction’, ‘under offer’, ‘sale/let agreed’, ‘sold/let subject to contract’ in advertisements, marketing boards and on property portal listings.
“Delays in updating a property’s listing status or use of incorrect descriptions can lead to frustration for all involved in the buying or renting process – as well as risking agents breaching industry codes and their legal obligations.
“This updated guidance is intended to provide consistency and clarity and – by providing a working definition – we hope this helps reduce unnecessary confusion for property agents, consumers, and other organisations in the property industry.”
Clear understanding
Sean Hooker of redress scheme the PRS says: “This guidance will help estate agents and their customers have a clear understanding of what are fair and accurate descriptions to use in advertising and to avoid complaints about misleading or unfair terms.
“It will also help agents avoid complaints with us and awards going against them for misdescription or worse prosecution by Trading Standards under consumer protection regulations.”
You can read the new guidance here.
