Trading Standards has warned estate agents they must ensure material information is complete for each property ahead of new guidelines being published.

Key questions to ask are: ‘Would your family member or colleague still buy this property?’ or ‘Can you justify to a judge why something has been left out of the material information?’, Trading Standards says.

Final revised guidance on the Digital Markets, Competition and Consumers (DMCC) Act 2024, which replaces the Consumer Protection from Unfair Trading Regulations 2008, is due to be published before 6 April.

Hefty fines or ban

And the Competition and Markets Authority (CMA), which is issuing the guidance, will have powers to issue hefty fines or even ban agents who breach the new act.

Guy Welfare, Policy Lead with the National Trading Standards Estate and Letting Agents Team (NTSELAT), told a webinar organised by property data firm Addland that agents saw the new material information rules as a positive development.

“There is less time on wasted viewings, less fall throughs and it saves money,” he said.

Clout

But he also warned: “The CMA are taking charge of the new act, and they have a lot of clout for breaching the regulations with new financial penalties.”

Last year, it was revealed thousands of agents were still failing to comply with material information rules, leaving them open to prosecution and fines.

Over 133,000 homes within the UK’s property listings had been added by agents without providing complete material information, according to research by Moverly.