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Trading Standards has issued new guidance for agents to provide “working definitions” of common property marketing terms.
The National Trading Standards & Letting Agency Team (NTSELAT) said the guidance is designed to provide clarity and consistency for agents and consumers and improve standards across the industry.
It includes guidance on how certain terms on sales and lettings listings such as sold or let subject to contract should be used.
Emma Cooke, policy and information manager at NTSELAT, said: “Agents commonly use terms like ‘new on the market’, ‘new instruction’, ‘under offer’, ‘sale/let agreed’, ‘sold/let subject to contract’ in advertisements, marketing boards and on property portal listings.
"Delays in updating a property’s listing status or use of incorrect descriptions can lead to frustration for all involved in the buying or renting process – as well as risking agents breaching industry codes and their legal obligations.
“This updated guidance is intended to provide consistency and clarity and – by providing a working definition – we hope this helps reduce unnecessary confusion for property agents, consumers, and other organisations in the property industry.”
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How confusing is that ??
Let - Means a letting has been completed, but New Let, isn't a property which has just been let but one which is being offered for the first time !!!!
Ye gods - how much time did that take to create the bl***** obvious? Clearly nothing better to do.
Well its not 1st April is it? Gotta say its the best laugh I've had in a while - so glad I now know what "sold" and "let" means after all these years! Thanks guys!
Education piece then, a great many agents use Under Offer to demonstrate that an offer has been accepted.
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