The latest guidance from the National Trading Standards Estate & Letting Agency Team focuses on supplementary terms utilized in property listings. The comprehensive guide, now accessible for download, has expanded its coverage to include letting-related terms, and its creation involved collaborative efforts with key industry stakeholders. In this blog we look to summarize the new guidance for real estate agents. Please note for a full detailed update please visit the National Trading Standards website.
Defining Property Status Terms to Streamline the Real Estate Experience
The updated guidance aims to introduce consistency and clarity. By providing clear definitions, the intention is to minimize unnecessary confusion for property agents, consumers, and other entities within the property sector.
Presently, a range of terms is employed to depict a property's status during the marketing phase. These terms include "new on the market," "new instruction," "under offer," "sale/let agreed," "sold/let subject to contract," and "sold/let." Although widely used in various promotional avenues such as advertisements, marketing boards, and property portals, confusion persists within the industry and among the public regarding their precise meanings. This confusion can result in delays and annoyance during the home buying and renting processes. For more information visit National Trading Standards new guidance outlines.
Legal Responsibilities: Ensuring Accurate Property Status Communication
Legal Responsibilities: Ensuring Accurate Property Status Communication
When there are delays in updating a property's status or the use of incorrect descriptors, agents could potentially breach industry codes and their legal responsibilities. The purpose of this guidance isn't to mandate the use of specific terms, but rather to provide a clear working definition whenever these terms are employed. Additionally there is guidance for traders on pricing practices.
A crucial legal obligation is to accurately describe a property's marketing status and ensure timely updates. This information holds significant value for potential buyers or renters. Agents must ensure that this information remains clear, unambiguous, and up to date while any marketing materials are still active.
Although the use of terms such as those mentioned above is voluntary, agents are obligated to effectively communicate substantial information about the property's status to potential buyers or renters.
This guidance has been devised to benefit property agents, consumers, and other pertinent organizations, including consumer redress schemes, property portals, the Advertising Standards Authority (ASA), and regulatory bodies. The primary goal is to standardize the use and comprehension of property advertising terms.
Applicable to residential property sales or rentals, this guidance hinges predominantly on the Consumer Protection from Unfair Trading Regulations 2008.
Outlined Definitions for Property Sales include the following areas:
- New on the Market
- New Instruction
- New and Exclusive
- Reduced
- Under Offer
- Sale Agreed
- Sold Subject to Contract (SSTC
- Sold subject to conclusion of missives (in Scotland
- Sold
Terms Pertaining to Lettings:
- Under Offer
- Let Agreed
- Let
To Conclude
To Conclude
The newly released guidelines by the National Trading Standards Estate & Letting Agency Team bring clarity to the confusion surrounding property status terms. These collaborative guidelines address the risks of inaccurate descriptors and delayed updates in property listings, preventing potential breaches of industry standards and legal obligations.
The new guidelines establish clear working definitions for terms like "new on the market," "under offer," and more, facilitating transparent communication among agents, consumers, and the property industry. Rooted in the Consumer Protection from Unfair Trading Regulations 2008, these guidelines streamline property advertising for sales and rentals, creating a shared understanding and enhancing the overall property experience.
Full Terms and details relating to the new guidance is available on the National Training Standards website.
