AGENTS: Time to tell Ministers what you think of Material Information

Estate agents are being urged to give their opinions on the recently-introduced Material Information rules that stipulate what both sales and lettings agents must include ‘up front’ when marketing properties.

The guidance, which was introduced in two tranches during May 2022 and November 2023, can attract the wrath of local trading standards or national NTSELAT team if it is ignored and agents face, more seriously, a criminal prosecution or a civil fine.

Material Information sits under the umbrella of Consumer Protection from Unfair Trading Regulations 2008 and aims to include key information which is material to the decision-making process of the average consumer.

But a quick scan of the main portals reveals that while most agents include the basic Part A information, much of the information required under parts B and C is often missing, usually the more difficult elements to find out such as ground rent charges and utilities connections or providers.

This is despite portals including Rightmove offering new fields for agents to fill in order to comply with the NTSELAT guidance.

To gauge the lay of the land, Propertymark along with The Guild of Property Professionals, the Property Redress Scheme, The Property Institute and Kerfuffle are asking agents to fill in a quick questionnaire so find out if they are struggling – or not – to implement the guidance and the challenges that come with it. This group will then use the results to represent agents’ concerns to Government.

The questionaire tackles several of the more contentious areas of Material Information, including; who provides the information required to comply with the guidance – the seller, their agent, the vendor’s conveyancer or perhaps a third party provider? It outlines the wide range of marketing material that have had to be changed whether it’s brochures, window display as well as the big portals.

Springboard

Nathan Emerson, CEO of Propertymark, says: “The overall research aims to create a springboard for reflection regarding how aspects are working at agency level, and it also aims to generate ideas to drive evolution and ultimately help craft a system that keeps pace and can deliver maximum benefit to all users.

“It is vital to gather insight and understanding from the very forefront of the industry to help steer future development and implementation. Propertymark is keen to gather real world thoughts from people who work across the sector and collect an open and honest account of positives, and any potential areas for improvement.”

New challenge

Sean Hooker of the Property Redress Scheme adds: “Although the Material Information rules have been around for a long time, the new requirements for portal listings and the recent Trading Standards guidelines are a new challenge for agents to get their heads around.

“This major research by Propertymark will give a real insight into how the implementation of the requirements is going and how the understanding of their obligations are bedding in.

“As a redress scheme, we will be first in line to resolve any disputes that arise from not getting this right and it will extremely valuable to see where the difficulties lie.”

> Take the sales agent questionnaire.
> Take the letting agent questionnaire.