'New on the market'. 'New instruction', 'Under Offer', 'SSTC'... Yes but what do they all mean?! 🔍
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🔸 There are many terms used to describe the status of a property during the marketing process, such as ‘new on the market’, ‘new instruction’, ‘under offer’, ‘sale/let agreed’, ‘sold/let subject to contract’, ‘sold/let’ etc. and there is some confusion within the industry about the use of these terms and what they mean.
If agents aren’t sure, then how can they expect the public to understand what they mean?
🔸 The terminology surrounding the renting and sale of properties can be confusing for some consumers and new guidance from the National Trading Standards Estate and Letting Agency Team (NTSELAT) provides definitions of commonly used terms to improve consistency and understanding for everyone involved
🔸 Principally based on the application of the Consumer Protection from Unfair Trading Regulations 2008, the glossary of terms will act as a refresher for agents, to ensure they are using the correct language when selling and letting their clients’ homes and will avoid ambiguity and possible frustration
🔸 It is a legal requirement that the marketing status of a property is accurately described and updated in a timely manner, as this is material information for prospective purchasers and tenants. It is the responsibility of the agent to ensure that this information is clear, unambiguous, and up to date when the advertising of a property is still live.
🔸 Whilst the use of any of the terms listed in the new guidance is voluntary, agents must still ensure that material information about the status of the property is clearly communicated to potential buyers or renters across all platforms they are listed on.
🔸 Providing easily understood details supports consumers to make informed choices about a property and helps to reduce time spent on speculative enquiries and ultimately the number of failed transactions.
📩 Download the Trading Standards' Guidance here to see all terms and definitions 📩
Full article by Propertymark can be found here.
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