The National Trading Standards Estate & Letting Agency Team (NTSELAT) has published revised guidance for businesses regarding supplementary terms used when marketing properties to improve standards across the industry.
The guidance, which includes terms relating to lettings, has been developed in consultation with industry stakeholders and has been updated to provide clarity and consistency for agents and consumers.
Emma Cooke, NTSELAT Policy & Information Manager, 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.”
The guidance applies to the marketing of residential property for sale or rent and is principally based on the application of the Consumer Protection from Unfair Trading Regulations 2008.