One in five vendors don’t know about Material Information – which is resulting in unnecessary delays to their own transactions, according to Moverly’s CEO Gemma Young (pictured).

As part of a survey, the digital sales pack company asked sellers if they had provided their agents with what is required for Part A of Material Information – this includes a property’s council tax band, asking price, and tenure information – a quarter said they were either unsure, had provided none of it, or had only provided some of it.

Lack of information

When it came to Part B – which includes a property’s physical characteristics, the number of rooms it has, and how utilities are provided – 20% had failed to supply all the relevant information.

The proportion of those failing to supply all the correct information for Part C was as high as 40%. Part C includes listed building status, unsafe cladding issues, and planning permissions.

And when Moverly asked if their estate agent had advised or guided them on the Material Information required for their property, 37% responded negatively.

There’s still a clear knowledge gap in the market.”

As well as causing delays, Young warns, agents face serious fines for not providing the required information in property listings. From April, the Competition and Markets Authority (CMA) will become the main overseer for MI compliance with new powers to fine agents as much as 10% of global turnover for non-compliance.

Moverly’s Young comments: “While Material Information requirements are becoming increasingly important for property listings, there’s still a clear knowledge gap in the market, particularly with consumers who haven’t heard or don’t understand the purpose of it.”