James Munro heads the National Trading Standards Estate and Letting Agency Team. Here he shares his insights for Spring 2024’s busy housing market.
Spring is often a favourite time for homebuyers and sellers, thanks to the appealing blooming scenery and longer days. This season traditionally sees a bump in real estate activity, making it an excellent time to showcase properties.
Real estate agents are preparing for a busy period with increased inquiries and activity. National Trading Standards is geared up to assist both consumers and agents in managing some of the most significant financial decisions they will make, such as buying a new home.
Updated Advice on Material Information
Last year, we rolled out the final part of our guidance for real estate agents. Created with the input of professionals from various sectors, this guidance helps agents share key details about properties for sale or rent, aiding buyers and renters in making well-informed choices.
This essential information will be more accessible early in the property-search process, whether people are looking on websites or physical displays. We’ve collaborated with online platforms and CRM systems to make sure this information reaches consumers when they need it most.
This new approach has been generally well-received as it leads to fewer unnecessary queries, faster deals, and a decrease in dropped sales. Also, it helps agents fulfill their duties under the consumer protection laws. While most have welcomed these changes, some concerns do arise when change occurs. Our team is always open to feedback and new information to enhance the guidance.
We understand that agents sometimes struggle with obtaining or verifying property details, such as in cases of probate. Our guidance offers support in finding information and suggests what agents can do when full details are hard to come by. As the industry changes, we’ll continue to update this guidance as needed, with new revisions expected later in the year.
Increasing Consumer Knowledge
Awareness among clients— including buyers, sellers, renters, and landlords— about these updates is crucial. Therefore, we’re planning an educational campaign for consumers on new portal listings and comprehensive information their agents will collect. Property experts should also take the initiative to inform their customers about these changes and are welcome to share ideas on enhancing customer awareness with us.
Tackling Referral Fees and Conditional Sales
We’re also focusing on other industry concerns like hidden referral fees and conditional sales practices. Ensuring the integrity of those involved in estate agency is part of our work, and we will take action against those who don’t meet the standards.
If you have any suspicions of malpractice in the industry, you’re encouraged to report it to us.
Focus Areas for 2024
Looking to build upon our material information initiative, we aim to better the information available at property auctions and are working on a standard sales contract for agents.
We’re closely cooperating with local authorities to combat unfair practices in the real estate sector and pushing for improved information sharing among housing teams in England. We’re also unifying membership data from various schemes into a single, searchable database for various stakeholders.
Additionally, this year we’re reviewing estate agency practices in Scotland, consumer redress options, and the consistency of Home Reports with our information standards.
Your feedback and insights into our efforts are invaluable, and we’re open to receiving them. You can learn more about our consumer protection and business support work by visiting our website.
I look forward to engaging with many of you at industry events this year and wish you success in the new financial year.
James Munro heads the National Trading Standards Estate and Letting Agency Team
Spring forward with National Trading Standards – what is in store for 2024?
