Back to news    |    Admin    |    22/02/2022

Trading Standards announce upfront info must be included on all property listings

National Trading Standards and the government, via their Levelling Up White Paper, have announced that compulsory new data will need to appear on estate agents' property listings by the end of May 2022

The new requirement is part of a phased approach that will see additional requirements for upfront info added in due course. Currently only required information under part A has been specified with parts B and C to follow.

It is likely that phases B & C will require further material information such as restrictive covenants and flood risk.

Included in part A's defined list of required upfront information is a property's council tax band, price and tenure information. To see a full list of requirements click here to access National Trading Standards’ official project summary on improving the disclosure of material information in property listings.

National Trading Standards has stated that all material information is set to be obligatory on property listings at which stage estate agents will need to include all the required information before it is listed publicly.

HIVE fully supports the move for required upfront information and has already been supplying the information required under part A as part of our i-PACK, AML and legally prepared services.

In addition, and due to large scale processing of official data, we are in a unique position to provide market ready info in advance of the as yet undefined B and C phases such as restrictive covenants, cautions and leasehold information. This means that estate agents that use i-PACKS can rest assured that they will be ahead of the curve whilst enjoying an array of additional benefits such as a free and fully managed compliance service, lead generation, faster sales and referral income.

The entire ethos of i-PACKS and the underlying service is the legal preparation of all vendor clients and the surfacing of critical information that is provided to buyers before they make an offer.

HIVE also supports the instructing of a conveyancer at the point of listing so that buyer relevant information can be prepared and made available for marketing. Reporting on important items such as restrictive covenants, cautions and boundaries can only help prevent sales being derailed at a later stage after time and costs have been spent.

i-PACKS make it easy for estate agents to outsource their AML compliance and consumer protection legal obligations as we do all of the work and provide everything needed for public and back office use. By expanding our services we can play our part in creating a fair and just housing system that works for everyone that includes supporting more first-time buyers, reducing transactions that fall-through and making the whole process more time and cost effective.

To find out more or to book an i-PACKS demo click here.

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