What are the Material Information (National Trading Standards) requirements?

Overview of an Estate Agent's Obligations Regarding Material Information

As a UK-based estate agent, it is crucial to understand and comply with the updated Consumer Protection Regulation guidance published by the National Trading Standards Estate and Lettings Agency (NTSELAT) Team. These new rules require agents in England and Wales to disclose specific information that might be relevant to a property purchaser's decision-making process, known as Material Information. This legislation has been in existence since 2008. However, in November 2023, National Trading Standards published clear guidance on the specific detail of what is considered as Material Information and a specific requirement for this information to be collected by estate agents before a listing can go live.

Key Points:

1. Material Information includes details on property type, construction, room numbers, parking, utilities, construction risk, rights and restrictions, flood vulnerability, planning consents, accessibility and much more. A complete list of the requirements can be found here: https://www.nationaltradingstandards.uk/work-areas/estate-agency-team/material-information/

2. Rightmove, a major property portal, in May 2024 announced the rollout of complete Material Information fields covering Parts B and C of the Material Information requirements on all listing pages.

3. Non-compliance with these regulations can result in significant fines and even a prison sentence, making it essential for agents to take action immediately.

4. Providing more relevant insights upfront aims to improve customer experiences, reduce fall-throughs, and accelerate transactions.

5. Partnering with a technology platform like Moverly can help streamline the process of collecting and publishing Material Information, ensuring listings are compliant and compelling.

6. This information is required for both sales and lettings listings.

As an estate agent, it is your responsibility to:

1. Familiarise yourself with the updated Consumer Protection Regulation guidance and the specific information required under Material Information.

2. Implement processes to collect and publish Material Information for all your listings, ensuring compliance with the new rules.

3. Consider partnering with a technology provider to automate the collection and publication of Material Information, saving time and resources while ensuring compliance.

4. Monitor your listings on property portals like Rightmove to ensure they are fully compliant with the latest regulations.

5. Stay informed about any updates or changes to the Material Information requirements and adapt your processes accordingly.

By taking a proactive approach to compliance and leveraging technology to streamline the process, you can ensure your agency is well-prepared for this new era of transparency in the UK property market.

For further information on Material Information requirements set by National Trading Standards, see the NTS website.

Disclaimer - this article is intended as a helpful guide and is not intended as legal advice. Agents should consult their lawyers for further advice on their responsibilities under the CPRs.