Material Information: now you can make better buying choices

For years, the information provided in home listings was, frankly, inadequate. Some listings barely scratched the surface, leaving potential buyers in the dark about crucial details.

National Trading Standards has stepped in, championing the cause for several years now, gradually introducing minimum information requirements for listed properties. This move aims to empower home buyers, offering them a clearer understanding of the homes they consider.

Certain information, like the home's EPC rating, has long been mandatory. However, the recent introduction of the Material Information in Property Listings (Sales) Guide takes this requirement several steps further. Yet, as with any significant system change, implementation takes time. The solution? Introduce the information in stages.

Part A led the charge, becoming mandatory in 2022. It mandated crucial information like the Guide Price, Tenure (e.g., Leasehold or Freehold), and Council Tax Band for every new home listing. You should already find these details accompanying every property listing. In November 2023, Parts B and C entered the scene simultaneously, giving Estate Agents a year to update their systems before this information became standard.

Why is this information crucial?

Transparency levels the playing field between those in the know (property owners and estate agents) and those who aren't (potential buyers). Missing information often derails home sales during the Conveyancing stage, wasting time and money for both the seller and the buyer. The system, with a staggering 25% failure rate, has long been broken, causing significant frustration for buyers, sellers, and estate agents alike.

Thankfully, action is being taken to reduce this failure rate, and the introduction of Material Information by Trading Standards is a significant stride in the right direction to enable buyers to make better buying choices. By year-end, we anticipate more complete information in home listings.

The new information requirements are extensive, and some EA listing systems may need changing or updating to hold the newly required information. But, the benefits are well worth it, levelling the information playing field, reducing suspicion, and fostering trust.

What to Expect in Part B and C:

Part B - Information for All Properties

Property Type (e.g., detached, semi-detached, bungalow, flat/apartment)

Property Construction (e.g., thatched roof, prefabricated building, timber-framed windows)

Number and Types of Rooms (including room sizes)

Electricity Supply (e.g., wind turbines, solar panels, generator/private supply)

Water Supply (e.g., wells, borehole, spring)

Sewerage (e.g., septic tank, domestic/small treatment plant, cesspit, cesspool)

Heating (e.g., electric central or room heating, communal heating system, biomass boiler)

Broadband (e.g., cable, fibre to the cabinet, fibre to the premises)

Mobile Signal/Coverage (including known issues or restrictions)

Parking (e.g., drive, garage, street parking)

Part C - Conditional Information

Building Safety (e.g., unsafe cladding)

Restrictions, Rights, and Easements (e.g., lease restrictions, restrictive covenants, public right of way)

Flood Risk

Coastal Erosion Risk

Planning Permission (e.g., planning permissions, article 4, etc affecting the property and its immediate locality)

Accessibility/Adaptations (e.g., step-free access, wet room, lateral living)

Coalfield or Mining Area

Conclusion:

By the end of the year, we anticipate a positive shift in the completeness of information provided in home listings. The extensive information requirements may necessitate additional training for Estate Agents, but the benefits of increased transparency and trust are invaluable.

If you have any questions or need clarification, feel free to reach out. Empowering you with knowledge, one property detail at a time! And for personalised guidance, consider booking a strategy call with me to speed up your progress of your home buying journey.

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