Trading Standards issues new guidance on listing properties to sell and let

The National Trading Standards Estate & Letting Agency Team recently released updated guidance designed to enhance property-listing practices for agents, consumers, and relevant stakeholders. This guidance is specifically tailored to marketing residential properties for sale or rent and is founded on the principles of the Consumer Protection from Unfair Trading Regulations 2008. The primary objective of this guidance is to simplify property-listing terminology, making it more accessible and understandable for consumers. It seeks to eliminate confusion by standardising the language used in property listings.

The guidance also focuses on transparency and consumer protection. It stresses the importance of including all essential information in property listings. The goal is to ensure that consumers can access comprehensive details about the properties they want to buy. It must be noted that the supplementary terms are not merely suggestions. They will be made mandatory once all three-project phases are fully implemented and apply to all marketing efforts related to residential properties for sale or rent. By providing clear and consistent definitions for these terms, the guidance ensures that property agents and consumers have a clear understanding, leading to a more transparent and consumer-friendly property market.

The guidance focuses on three specific terms related to lettings:

• Under Offer: This term applies to a property where the tenants-increasingly-love-corporate-landlords'>landlord is considering an offer but remains on the market. Further offers may still be considered until the tenants-increasingly-love-corporate-landlords'>landlord formally accepts or declines the offer.
• Let Agreed: This term indicates that a tenants-increasingly-love-corporate-landlords'>landlord has provisionally agreed to enter into a rental agreement with a prospective tenant, pending additional checks and referencing. It does not require the prospective tenant to have paid a holding deposit.
• Let: This term signifies an established binding rental agreement between the tenants-increasingly-love-corporate-landlords'>landlord and tenant.

For both lettings and sales, the guidance addresses additional terms:

• New On the Market: This term is used for a property not advertised since its last sale or rental. It should only be used for a brief period.
• New Instruction: It applies to a property assigned to an agent for marketing recently, even if it was previously listed with another agent without being sold or rented.

New and Exclusive

• New and Exclusive: This term refers to a property that is either new on the market or a new instruction, exclusively available through a specific agent or portal.
• New Method of Sale/Let: This term is used when a property is being marketed for sale or rent using an alternative approach to the original advertisement, such as transitioning to an auction or sealed bid.

Reduced:

Reduced: This term shows that a property's price has recently been reduced. The reduction should be genuine and comply with the Chartered Trading Standards Institute's guidelines on pricing practices. Where property statuses are not promptly updated or incorrect descriptions are used, agents can find themselves violating industry codes and legal obligations. This guidance aims not to mandate the use of specific terms but to provide clear definitions when they are employed. Legally, it is required that a property's marketing status be accurately described and updated on time, as this information is crucial for potential buyers and tenants. Agents ensure this information remains clear, unambiguous, and up-to-date.

While using these terms is optional, agents must still effectively communicate material information about the property's status to prospective buyers or renters. This guidance applies to the marketing of residential properties for sale or rent. It is primarily based on the Consumer Protection from Unfair Trading Regulations 2008, ensuring transparency and fairness in property transactions. Planet rent is committed to best practices and connecting would-be residents with quality properties to rent.

Impact of Trading Standards’ Updated Guidance on Property Listings

The updated guidance from National Trading Standards brings much-needed clarity and consistency to property listings. By mandating clear definitions for key terms like "Under Offer" and "Let Agreed," it aims to improve transparency and protect consumers. With the focus on simplifying terminology, ensuring accurate information, and enforcing mandatory updates, this guidance empowers both agents and consumers, fostering a more transparent and efficient property market. As the full implementation progresses, the industry can expect clearer, more reliable listings that benefit everyone involved.