Agents’ trade body Propertymark has outlined what it calls five key challenges about Material Information.

Controversially, the National Trading Standards Estate and Lettings Agency Team (NTSELAT) withdrew the previous guidance due to the enforcement of the Digital Markets, Competition and Consumers Act 2024.

This superseded the previous Consumer Protection from Unfair Trading Regulations 2008, and gives the enforcement powers instead to the Competition and Markets Authority (CMA).

That’s why the government is now consulting, and why Propertymark has responded identifying five key challenges.

Although these are principally about the sales process, Material Information rules as envisaged apply also to the lettings sector.

Until the government responds to the consultation with new guidelines, there are in fact no current lists of material information needed for property listings. 

Here are the five challenges identified by Propertymark:

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Firstly, a lot of the information requires expertise that sellers and agents do not have. 

Specifically, Propertymark says: “The current requirement for identifying material information places too high of a responsibility on estate agents and sellers. 

“This will need to change so that all parties involved in a property transaction are instructed and included within the material information gathering process before the property is listed.”

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Secondly, there is a considerable amount of duplication of information involved in the process.

Propertymark says: “All organisations involved that need information will be working towards their own regulated set of industry requirements which often overlap with each other. 

“The new home buying and selling process must ensure that all parties are working towards filling in a single set of information with clear guidance on which areas each organisation is responsible for.”

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Thirdly, the process in which material information is shared is outdated.

“The new process should utilise modern ways of working, where information can be shared and edited in real time. 

“We would recommend doing so through a single digital access point where information can be discussed by all parties working towards a single set of information.”

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Fourthly, previous lists of material information and guidance set out to estate agents can overburden buyers. 

“Buyers often look for very specific information that could prevent them from purchasing the property. 

While a full list of material information should be compiled at the point of the property listing, a condensed list should be included within the property listing. 

“The full list should be provided at the request of buyers, with opportunities for the estate agent to clarify what information means.”

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Fifthly, sellers aren’t interested in waiting for material information to be collected.

Propertymark states: “In the current market, sellers wish to put the property on the market as quickly as possible. 

“As a consequence, agents who are complying with material information requirements lose clients as sellers avoid agents who need to take the time to put material information on property listings. 

“Furthermore, even in Northern Ireland where there is a joint approach to making the conveyancing process easier between 

“The Law Society of Northern Ireland, the Royal Institution of Chartered Surveyors (NI) and Propertymark, a big hurdle is getting sellers’ solicitors to co-operate and supply the material information. 

“They are reluctant to look at a file to confirm freehold or leasehold when a home isn’t on the market yet which creates significant delay between stakeholders.”