As of February the 21st 2022, the new rule was announced by the National Trading Standards Estates and Letting Agency Team (NTSELAT). The rule, which is a property’s council tax band or rate, price and tenure, must be included on all property listings by the end of May 2022. It requires information that can always considered materials for all properties regardless of location. It involves unavoidable costs that will incurred by the occupier on how the property been used.

Having support from Property mark and other industry leaders NTSELAT has kicked off its three-phase project that has been developed in response to defining what constitutes material information for property listings.

The new data fields have to be incorporated on portals where the Information of property tenure, property price and council tax that will be flagged, if it has been left empty by an agent.

Consumer protection:

Under current legislation set out in Consumer Protection from Unfair Trading Regulations 20008 and estate and letting agents are legally obliged as not to omit materials information from consumers on property listings. The current disclosure practices are not consisting across the industry.

Initiative meaning the consumers will be more knowledgeable about potential properties they have expressed interest in and helping to make selling and buying processes easier and reduce fall-through rates.

Leveling up

Levelling up is social and economic programe for the whole government and the levelling up white paper sets out on how we will spread opportunity more equally across the UK.

Completing the three phases of the project, NTSELAT wanted all materials information to be mandatory where the rules may become legislation after the initiative mentioned in the recent Leveling up White Paper.

Sales Protocol Toolkit

Sales Protocol Toolkit provides massive potential to speed up transactions and helps to reduce fall-through rates. It also helps to comply with consumer protection regulations.

Improving sales experience on all side, the property mark members can be able to access the sales Protocol Toolkit, it will help them to speed up transactions with free resources and it will reduce the fall-though rate. They have to make sure the compliance with CPRs, through reducing duplication of information.

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