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The decision by National Trading Standards to withdraw Material Information guidance, designed and implemented to help support sales and letting agents meet their legal obligations under the Unfair Trading Regulations 2008, has been deemed ‘regrettable and a backward step’.
Initially introduced in late 2023, the guidance was introduced in phases to help bring standardisation within the sector and assist consumers in making more informed decisions by delivering unified base information regarding properties.
However, all parts of the current Material Information guidance were withdrawn last week due to the new Digital Markets, Competition and Consumers Act 2024 replacing and superseding the initial legislation for which the guidance was based upon.
National Trading Standards says it is currently in the process of removing all details regarding Material Information guidance from their communications channels. But the Council for Licensed Conveyancers believes that this is a mistake.
Sheila Kumar, chief executive of the Council for Licensed Conveyancers, commented: “The withdrawal of the material information guidance for estate agents at this stage is regrettable and a backward step in the provision of information to guide potential home buyers in their choice.
“Until such time as the CMA or a future regulator of estate agents issues rules or guidance, we hope that the sector will continue its progress so far in adopting the approach set by NTS.
“Perhaps the Home Buying and Selling Council and the Digital Property Market Steering Group could take action here, because more timely and accurate information is vital to delivering faster and more certain transactions that meet the needs of home buyers better.”
RICS says NTS decision to withdraw guidance creates ‘uncertainty’ for estates agents
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