Renewable energy and parking 'will be material information' - Trading Standards

The existence of renewable energy sources and parking facilities look set to be among details that Trading Standards will expect to see on property listings in the future.

Under new material information rules introduced by the National Trading Standards Estate and Letting Agency (NTSELAT) team, agents must currently include information such as  the property price, the council tax band and tenure information on listings.

James Munro, head of NTSELAT, has previously indicated that broadband and mobile signal would be included in future stages.

But a new consumer video from the body, published last week, has indicated that renewable energy sources and parking facilities will also be considered material and should be disclosed upfront in listings.

The video said: “Future stages will see adverts include information such as the existence of renewable energy sources, broadband availability, parking facilities and details that could impact your purchasing or rental decisions.”

Sellers will be asked to provide certain information to a property agent, the video adds, which “in the long-term should save time and reduce the risk of transactiosn falling through.”

If a property fails to include certain information, the video said, it will be flagged and linked to advice for buyers on why that detail is important and how to get it.

The video suggests that providing upfront material information in listings will lead to  “more informed decision making and greater confidence in the property market,” as well as creating a “smoother and less stressful process” for all parties involved.

Viewers are urged to speak to an agent for further advice on material information.

NTSELAT told Estate Agent Today that the video is designed to provide background information on its material information programme and is being shared with partners to disseminate through their own channels.

The video will be shared with industry and stakeholder organisations to host on their websites and circulate to their members.

James Munro, senior manager of NTSELAT, said: “We’ve been working with property portals and industry bodies to help make it easier for agents to provide material information on property listings. Earlier this year, new data fields were added to major property portals – including Rightmove, Zoopla, OnTheMarket and PropertyPal – which highlight properties where details around price, council tax and tenure information are missing.

“These changes represent the first phase of the programme to define material information and encourage full disclosure. The next two phases – expected in 2023 – will cover information that must be established for all properties, such as utilities, and additional material information that may need to be established for all properties, such as factors like flood risk (depending on whether the property is affected or impacted by the information). We look forward to providing more updates as the programme develops.”

Watch the video below: