"The fact that a significant number of buyers still encountered a lack of upfront material information, both during viewings and after submitting offers, highlights the need for continued focus on this area"
- Ed Molyneux - Moverly
Market insight from Material Information and digital property pack provider, Moverly, has revealed that while many estate agents are making strides in meeting their commitments with respect to upfront material information, there is still room for improvement.
Greater adoption over the coming months could help to drive performance, reducing the required number of viewings whilst securing a qualified buyer sooner.
Disclosing upfront material information on a property when selling it across England and Wales has been a requirement for some years. However, with the National Trading Standards Estate and Lettings Agency (NTSELAT) publishing updated guidance in November last year, the industry now has a clear set of guidelines to work towards, detailing precisely what should be included.
A survey of recent homebuyers conducted by Moverly suggests that these guidelines should help agents considerably when it comes to identifying the market strength of potential buyers, whilst also securing a sale at greater speed.
The survey found that 31% of homebuyers had to disregard a property whilst viewing due to the discovery of an issue that would have otherwise been covered by upfront material information. A further 15% had to do the same after having already submitted an offer.
It's no surprise, then, that 93% of homebuyers are in favour of upfront material information to ensure they are fully informed of any issues before viewing.
Despite the introduction of the complete guidelines, the survey found that while many estate agents are making progress, there is still work to be done to ensure full compliance.
55% of buyers noted that all properties they viewed provided both Part A and B upfront information, however, this leaves a significant portion of properties lacking the required information. When it comes to Part C information, relevant to all properties, only 22% of buyers stated that all of the homes they viewed either all or mostly provided this upfront.
Ed Molyneux, Moverly co-founder, says: "The updated NTSELAT guidelines have given estate agents a definitive guide on precisely what should be included when marketing a property for sale. While many are making good progress in providing the required information to homebuyers, it's clear that there is still some way to go to ensure full compliance across the board.
"The fact that a significant number of buyers still encountered a lack of upfront material information, both during viewings and after submitting offers, highlights the need for continued focus on this area.
"With proper guidance now in place, upfront information has the potential to transform the dynamics of the property industry. By providing sellers with qualified buyers in strong market positions, agents can reduce viewing numbers, increase the number of offers on a property, and accelerate the transaction process.
"While progress is being made, there is still work to be done. However, the future looks promising, and we're committed to supporting agents in this transition."
"Moverly's mission is to create a more transparent and efficient property transaction process by making Material Information collection simple for agents. By leveraging technology to streamline the collection and dissemination of upfront material information, Moverly is helping to empower both agents and conveyancers supporting the industry towards a more seamless and satisfying home-moving experience for all involved.”
