The Royal Institution of Chartered Surveyors is angry Material Information guidelines being replaced with rules “which leave businesses to interpret the law as they see fit.”

Late last week the industry was taken by surprise when all parts of the current Material Information guidance were withdrawn with immediate effect.

Initially launched in late 2023, the guidance was introduced to bring standardisation within the sector and assist consumers make informed decisions before buying or renting property

Now the guidelines- used to help agents fulfil their legal obligations under the Unfair Trading Regulations 2008 – have been replaced by provisions set out i. The new Digital Markets, Competition and Consumers Act (DMCC).

RICS is the latest property industry body to be upset at the move.

In a statement over the weekend it says: “RICS voiced its concerns at the consultation phase that the CMA guidance contained ambiguities which leave businesses to interpret the law as they see fit.

“RICS feels that the withdrawal of the material information guidance and reference to the DMCC creates uncertainty for our members and consumers. 

“We would welcome working with others in the sector … to address the gaps left by the announcement by NTS.

“RICS reminds the public of the importance of carrying out an independent home survey when buying and selling property, which becomes even more crucial in the period that these ambiguities remain. 

“It is also necessary that RICS members continue following RICS professional standards and codes of conduct in their business practices. Closing these regulatory gaps is a priority for the industry to support confidence in the residential property market.”

On April 6, the Digital Markets, Competition and Consumers Act 2024 (Commencement No. 2) Regulations 2025 were enacted, replacing the Consumer Protection from Unfair Trading Regulations 2008 (CPUTRs) and transferring direct enforcement powers to the Competition and Markets Authority (CMA).

As a result National Trading Standards withdrew its Material Information guidance overnight Thursday into Friday, prompting expressions of concern from Propertymark, The Property Ombudsman and others.