National Trading Standards, with the backing of the government, have put in to action a three part plan to improve the information provided by Agents on property to both buyers and tenants in order to make property advertising details clearer and more informative.
By the end of May 2022, it will be mandatory for agents to display on all their marketing the price and council tax band or rate for both lettings and sales properties. Sales properties must also provide the tenure information with comprehensive information for leasehold properties such as the length of the lease and the current ground rent and service charge amounts.
Online property portals will be playing their part by changing their formats to display the information too. If the new fields are not filled in by the agent, the omission will be flagged on the property details and a link will be given to information explaining why these details should be considered as important to the consumer.
Later additions to the changes will include information where non- standard aspects of the property would affect someone’s decision whether they would want to consider the property further such as restrictive covenants, flood risk and any other factors that need to be declared and known in advance.
It hasn’t been announced yet as to when these subsequent parts will be implemented.