Shortlisting prospective properties to buy and the entire purchasing process should soon speed up thanks to new plans.

A three-stage project has been announced by the National Trading Standards Estate and Letting Agency Team (NTSELAT), pushing for more property information to be available during the marketing phase.

From as early as listing a property for sale or rent on portals, prospective buyers will be given more ‘material information’ to help them make an informed decision about whether or not they want to take the next step.

Part A, which is due to come into effect no later than the end of May, will require agents to clearly advertise unavoidable costs that will be incurred by the occupier. This includes the property price and any deposits required, council tax band and tenure information (i.e. freehold or leasehold, plus associated ground rent and service charges payable).

Thankfully, most agents already include this information in property listings but the new rules aim to create a system that will prevent listings from going live without these details. Price, in particular, seems obvious, but it will reduce sealed bid style listings that are promoted with ‘price on application’ – a description that has soared in the last year due to the post-pandemic boom.

The announcement comes at a critical time when the cost of living is rising at the fastest rate in 30 years and household fuel bills are 50% higher. This means the affordability of buying a property doesn’t just come down to the deposit and mortgage repayments, but also household bills and other associated costs.

Although most people on the property hunt will not see much of a difference from May, the real impact should be felt when parts B and C come into force. Part B, which is expected to be released in the coming months, will mandate that information concerning aspects such as utility supplies should be disclosed, especially where non-standard features would affect someone’s ability to make an informed judgement about a property.

By the time Part C comes into force, residents will be able to see additional property information on a listing, such as flood risk and restrictive covenants – with greater transparency surrounding what would be permissible, such as changing the style of windows or chopping down trees within the boundary.

 

Both agents and home movers have pushed for this change, which is hoped to improve completion times and prevent sales falling through, especially when offers are withdrawn or amended when unexpected surprises crop up during the conveyancing phase.

White & Brooks’s Sales Progressor works closely with conveyancers as soon as an offer is accepted, ensuring all vital property details are given to buyers as soon as possible but we certainly welcome the industry’s efforts to make more material information a standard, upfront practice.

If you are looking to buy a property in Chichester or Bognor Regis and value an honest, transparent approach, contact your local White & Brooks team today.